Maintain short positions. The COMEX Gold saw selling pressure picking up yesterday, falling USD17.10 to close at USD1,763.60. After starting Tuesday’s session at USD1,778.80, it barely touched the USD1,779.20 day high and turned lower towards the day low of USD1,750.10 before settling at USD1,763.60. From the price action, the commodity managed to find an interim base near the USD1,750 support level. Take note that USD1,750 also represents a very crucial psychological level – breaching it may open the door for further downside corrections or at least test the USD1,735 level. Since the bears are in the driver’s seat now, we maintain our negative trading bias.

We recommend traders maintain the short positions initiated at USD1,873.30, or the closing level of 3 Jun. For risk-management purposes, the trailing-stop level is set at USD1,790.

The immediate support is revised to the USD1,750 round figure and followed by the USD1,735 whole number. Conversely, the immediate resistance remains at USD1,790. The higher hurdle is maintained at USD1,826.40, or 17 Jun’s high.

Source: RHB Securities Research - 30 Jun 2021