COMEX gold prices resumed their upward momentum, gaining US$36.40 to close at US$4,440.10 as renewed buying interest strengthened the precious metal’s bullish outlook, according to RHB Research.
The commodity opened at US$4,407 on the previous trading session and moved between an intraday low of US$4,389.70 and a high of US$4,452.10 before settling at US$4,440.10.
RHB said the latest bullish candlestick, together with a rising Relative Strength Index (RSI), suggested that upward momentum was reaccelerating.
The research house expects gold to potentially move towards the US$4,650 level, which represents the next significant resistance target.
Meanwhile, immediate support has formed at US$4,300.
RHB noted that the 20-day simple moving average (SMA) is also trending upwards, indicating that the precious metal’s short-term trend remains bullish.
“Riding on the renewed momentum, we will keep the positive trading bias unchanged,” RHB said.
The research house’s technical view therefore remains positive, with traders advised to maintain their bullish positioning while monitoring the US$4,300 support level and the potential move towards US$4,650.
