Gold Inches Higher Amid Consolidation Phase
Over the short term, gold remains in a consolidation phase, down 0.76% over the past 30 days but showing a strong year-to-date gain of 29.72% and a five-year jump of 69.38%.
RHB Investment Bank Bhd (RHB Research) noted that COMEX Gold recouped US$9.40 on Wednesday, closing at US$3,380.50, slightly above both the 20- and 50-day moving averages, signalling strengthening bullish momentum. The commodity had opened at US$3,371.90 and traded within a range of US$3,365 to US$3,394.60 during the session.
Despite the upward move, RHB Research highlighted that Monday's losses remain unrecouped, and the Bearish Marubozu candlestick pattern suggests continued sideways consolidation before a stronger rally may resume. The house recommends maintaining long positions initiated at US$3,402.40, with a stop-loss at US$3,250. Immediate support is seen at US$3,350, while resistance levels are set at US$3,500 and US$3,600.
Market observers say investors are likely to remain cautious in the near term, balancing risk management with the potential for further gains as bullish signals strengthen.
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