Maintain long positions. The COMEX Gold ended the latest session USD6.50 higher at USD1.827.40, after hitting a low and high of USD1,818.10 and USD1,833.20. Based on the precious metal’s price actions over the past three sessions, we believe chances are high that its minor consolidation phase is complete. This implies that prospects are good that that it is now in the process of extending its uptrend. Premised on this, we are keeping our positive trading bias.

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

We are still eying the immediate support at USD1,815 – near 9 Jul’s low. This is followed by the USD1,800 round figure. Meanwhile, the immediate resistance is set at USD1,842.30, followed by USD1,865, which is near the high of 12 Sep 2011.

Source: RHB Securities Research - 21 Jul 2020