Maintain long positions. The COMEX Gold continues to move horizontally, closing flat at USD1,911.90. The day’s high was recorded at USD1,913.80 while the low stood at USD1,898.70. The precious metal traded in a much narrower range of USD15.10, which was the difference between the day’s high and low. With the RSI was recorded at the 47% level, we do expect the COMEX Gold to remain in a non-directional movement. It is currently seen sandwiching between the resistance and support levels of USD1,936 and USD1,892.70. A break above either could see the start of a new move. While the support levels remain intact, we are keeping to our positive trading bias. We recommend traders hold on to long positions. We initiated these at USD1,903.20, or the closing level of 29 Sep. For risk-management purposes, a stop-loss is set at USD1,892.70, ie the low of 15 Oct. The downside support remains unchanged at USD1,892.70, which is followed by USD1,877.10, ie 7 Oct’s low. On the upside, the resistance point is marked at USD1,936.00 and followed by USD1,968.20 – the high of 18 Sep

Source: RHB Securities Research - 28 Oct 2020