RHB Retail Research

COMEX Gold: Propelling Above the Immediate Resistance

Publish date: Mon, 03 Jan 2022, 09:37 AM
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RHB Retail Research

Keep long positions. The COMEX Gold continued its bullish momentum during the final day of 2021, propelling USD14.50 to close at USD1,828.60 – breaching above the USD1,815.70 immediate resistance. It opened higher at USD1,817 and touched the day’s low of USD1,815.40 before shifting direction to gradually climb northwards throughout the session and hiting the day’s high at USD1,831.40 before the close. The bullish body candlestick drawn for two consecutive sessions highlights the uptrend momentum above the immediate resistance of USD1,815.70 has just begun – in line with our earlier note. Together with the strengthening of the RSI towards the 60% level, we expect the bullish momentum to persist until the next resistance of USD1,838.70. Therefore, we maintain our positive trading bias.

We suggest traders maintain long positions at USD1,811.70, ie the closing level of 23 Dec. For risk management, the stop-loss threshold is placed at USD1,800.

The immediate support is revised higher to USD1,815.70 – 17 Dec’s high, followed by the USD1,800 threshold. Towards the upside, the nearest resistance is pegged at USD1,838.70, ie 3 Sep’s high – and then USD1,879.50, ie 16 Nov’s high.

Source: RHB Securities Research - 3 Jan 2022

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