RHB Retail Research

COMEX Gold: Poised to Rebound Higher

Publish date: Thu, 17 Feb 2022, 04:25 PM
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RHB Retail Research

Maintain long positions. The COMEX Gold saw the bullish momentum re-emerging yesterday after the recent pullback, adding USD15.30 to settle at USD1,871.50. The commodity opened lower at USD1,855.50 and established its intraday low at USD1,851.80. Strong buying pressure emerged to propel the COMEX Gold to the day’s high of USD1,874.60 prior to the close. The positive price action has moderated Tuesday’s selling pressure, which is likely to see the COMEX Gold reclaim back its recent high in the coming sessions. This is supported by the “higher low” bullish structure coupled with the RSI trending higher towards the 64% level. As such, we stick to our bullish trading bias.

We recommend traders stick with the long positions initiated at USD1,818.50 or the closing level of 11 Jan. To manage the trading risks, the trailing-stop threshold stays at USD1,830.

The immediate support is seen at USD1,851.90 – 14 Feb’s low – and followed by the USD1,830 whole number. On the upside, the first resistance is at USD1,879.50 – 16 Nov 2021’s high – and followed by the USD1,900 psychological level.

Source: RHB Securities Research - 17 Feb 2022

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