RHB Research has maintained its bullish trading bias on COMEX gold despite renewed selling pressure that pushed the precious metal US$56.80 lower to US$4,318 in the latest session.
Gold opened at US$4,345.90, climbed to an intraday high of US$4,367.90 before reversing sharply to a low of US$4,259.50 and eventually closing at US$4,318, forming a fresh bearish candlestick.
Despite the pullback, RHB said the technical outlook remains constructive as long as gold stays above the key US$4,300 support level.
The research house expects the US$4,300 level to provide firm support and said a recovery in bullish momentum could see gold retest the US$4,500 resistance.
RHB maintained its recommendation for traders to retain the long position initiated at US$4,273.30, based on the Aug 5 closing price.
To manage downside risks, the research house kept its stop-loss level at US$4,300, saying a breach below this level would invalidate its current bullish trading view.
Immediate support is pegged at US$4,300, followed by a stronger support level at US$4,150.
On the upside, initial resistance remains at US$4,500, followed by the next resistance at US$4,700.
RHB said it expects support to remain relatively strong while resistance could prove less formidable if buying momentum returns, keeping the broader bullish technical structure intact for now.
