Maintain long positions. The COMEX Gold staged a fresh attempt to cross the immediate resistance, gaining USD4.90 to close at USD1,909.90 – just USD5.70 below the USD1,915.60 level. The commodity started Wednesday’s session at USD1,903. It then found the day’s low at USD1,896.40 before rebounding to the day’s high of USD1,911.80. It closed at USD1,909.90. With the RSI trending at overbought level, the commodity may be prone to a mild correction if it fails to break a new high in the immediate term. We will monitor closely if the black gold can sustain above the USD1,900 psychological level, and retest the immediate resistance level. Breaking above the resistance will see bullish momentum picking up pace. Both USD1,893.20 and USD1,872.50 levels will provide strong support. As buying interest is gaining traction again, we keep our positive trading bias.

Traders should maintain the long positions initiated at USD1,791.80, or the closing level of 3 May. For risk management purposes, the trailing-stop is set at USD1,875.

The immediate support is marked at USD1,893.20, or 19 May’s high, followed by USD1,872.50, or the low of 21 May. On the upside, the nearest resistance is pegged at 26 May’s high of USD1,915.60, followed by USD1,925.

Source: RHB Securities Research - 3 Jun 2021