RHB Retail Research

COMEX Gold: Bullish Momentum Continues

Publish date: Wed, 09 Feb 2022, 08:36 AM
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RHB Retail Research

Maintain long positions. The COMEX Gold continued to move higher yesterday, climbing USD6.10 to settle at USD1,827.90. The commodity started off Tuesday’s session at USD1,821.50. It dipped mildly to test the 20-day SMA line, forming its intraday low at USD1,816. Strong demand emerged during the US session, lifting the commodity to the day’s high of USD1,829.90, before closing at USD1,827.90. The latest positive price action saw the commodity gaining strength above the 20-day SMA line. Meanwhile, both the 20-day and 50-day SMA lines are rounding higher, suggesting that the COMEX Gold’s bullish structure has further strengthened. If it crosses the USD1,832 immediate resistance, the bulls may set their sights on the USD1,856.70 YTD high. For now, we stay with our positive trading bias.

Traders should stick with the long positions initiated at USD1,818.50, or the closing level of 11 Jan. To manage the downside risks, the stop-loss is placed at USD1,785.

The immediate support is kept at USD1,800, followed by USD1,785. On the upside, the immediate resistance is seen at USD1,832 – 26 Jan’s close – followed by USD1,856.70 – the recent high of 25 Jan.

Source: RHB Securities Research - 9 Feb 2022

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