Gold prices in Malaysia edged up 0.17% to RM454.60 per kg as of writing, extending their gains over the past year to 27.10%, according to data from GoldPrice.org. On a six-month basis, gold has risen 17.35%, underscoring its continued appeal as a safe haven asset.
However, RHB Investment Bank Bhd (RHB Research) noted that bullish momentum on COMEX Gold is showing signs of deceleration, with prices slipping marginally by US$0.10 to close at US$3,342.80 overnight. This came after a narrow trading range capped by the 20-day simple moving average (SMA), suggesting that profit-taking may be driving short-term weakness.
“The RSI remains below the 50% threshold, signalling weak momentum,” said the house in its latest note, adding that gold could consolidate and retrace towards the US$3,250 support level. RHB Research maintains its positive trading bias and recommends holding long positions from US$3,402.40, with a stop-loss at US$3,150.
Key support levels to watch are US$3,250 and US$3,150, while resistance sits at US$3,450 and US$3,600, according to the bank.
