COMEX gold extended its upward momentum on Thursday, rising US$25.80 to close at US$4,537.10, with RHB Research maintaining its positive trading bias on the precious metal.
The commodity opened at US$4,547.20 and traded between an intraday high of US$4,562.30 and a low of US$4,472.50 before ending the session at US$4,537.10.
RHB said the latest price action, coupled with a rising Relative Strength Index (RSI), indicates that bullish momentum remains intact.
The research house expects gold to make another attempt at breaking through the US$4,650 resistance level.
A successful breakout above US$4,650 would strengthen market sentiment and potentially drive the commodity towards the next resistance level at US$4,900, it said.
The 20-day simple moving average (SMA) also continues to trend upwards, providing further support for the bullish technical setup.
Pending a breakout to the upside, RHB said it was maintaining its positive trading bias and recommended that traders retain their long position initiated at US$4,273.30, based on the Aug 5 closing price.
To manage downside risks, the research house maintained a stop-loss level at US$4,300.
The first support level is at US$4,300, followed by stronger support at US$4,100.
On the upside, immediate resistance is pegged at US$4,650, followed by US$4,900.
