RHB Research has maintained its bullish trading bias on COMEX gold after the precious metal rebounded from the US$4,300 support level to close at US$4,365.50, signalling that buyers continue to hold the technical advantage.
Gold opened Thursday at US$4,269 and fell to an intraday low of US$4,261.40 before recovering strongly to a session high of US$4,387.60.
It eventually settled at US$4,365.50, reinforcing RHB’s view that the broader technical structure remains bullish as long as gold holds above the US$4,300 support level.
The research house said renewed buying pressure could push the precious metal towards the US$4,500 resistance level.
A decisive breakout above that threshold could improve market sentiment further and pave the way for a move towards US$4,700, it added.
RHB noted that the 50-day simple moving average continues to trend higher, providing additional technical support to the bullish outlook.
With upward momentum showing signs of re-accelerating, the research house maintained its bullish trading stance.
RHB recommended maintaining the long position initiated at US$4,273.30, based on the Aug 5 closing level, while placing the stop-loss threshold at US$4,300 to manage trading risk.
It identified immediate support at US$4,300, followed by a lower support level at US$4,150.
On the upside, immediate resistance is seen at US$4,500, with the next resistance level at US$4,700.
