Maintain long positions. The COMEX Gold ended the latest session USD10.30 higher at USD1,790.60 – marginally above the immediate resistance of USD1,788.80. While there is no decisive breakout from the said immediate resistance yet, the commodity’s overall price trajectory remains positive. Recall that we hold the view that it is in the process of extending its multi-year uptrend which started at end-2015. The RSI which is trending higher, but not overbought, also suggests headroom for a further upward move in prices. We maintain our positive trading bias.

We recommend traders to stay in long positions. We initiated these at USD1,766.40 – the closing level of 22 Jun. For risk-management purposes, a stop-loss can now be placed below the USD1,728.30 mark.

Immediate support is revised to USD1,770 – derived from 26 Jun’s candle. This is followed by USD1,753.50, which was derived from 22 Jun’s low. Meanwhile, the immediate resistance is maintained at USD1,788.80 – or 14 Apr’s high – as it was not decisively crossed in the latest session. This is followed by the USD1,800 round figure

Source: RHB Securities Research - 30 Jun 2020