RHB Investment Bank (RHB IB) today provides insight into the price movement of Commodity Exchange Inc (COMEX) Gold, which experienced a volatile session last Friday (Jan 5), but managed to retain its position above the Simple Moving Average (SMA) line.
The commodity’s price began trading at USD2,051.40.
At one point during the US session, it whipsawed between the day range of USD2,071.10 and USD2,030.80 – closing near the opening price at USD2,049.80 and charting a Long-Legged Doji.
The latest price action showed bulls and bears sharing equal strength, and sentiment was neutral during Friday’s session.
As the COMEX Gold’s price closed above the short-term moving average line, the bulls still retain the technical advantage.
Coupled with the 20- and 50-day SMA lines still moving upwards, the trend remains bullish.
For the immediate session, the commodity’s price is likely to move sideways for consolidation.
During this time, RHB IB hold on to a positive trading bias.
Traders are advised to stick with long positions initiated at USD2,069.10 or the close of 22 Dec.
To mitigate the trading risks, the stop-loss threshold is fixed at USD2,030.
The immediate support is established at the aforementioned USD2,030 with lower support at USD1,988.4
On the upside, the nearest resistance is seen at USD2,100 and followed by USD2,152, during the high of 4 Dec 2023.
