Gold prices in Malaysia slipped today, with the precious metal priced at RM146.04 per ounce, down RM0.61 or 0.41%. This comes as part of a broader pullback, reflecting a daily drop of RM112.13 or 0.77% in overall gold holdings, which now stand at RM14,468.05.
Despite the dip, gold has shown strong long-term performance, gaining RM1,066.74 (+7.89%) over the past 30 days and surging RM3,447.38 (+30.96%) year-on-year. Over the past five years, it has nearly doubled, climbing RM7,117.54 (+95.35%), while over two decades, the metal has posted a remarkable 780.66% gain.
Meanwhile, RHB Investment Bank Bhd (RHB Research) is maintaining its bearish stance on gold trading on the COMEX. In its latest commentary, the firm noted a mild counter-trend rebound on Thursday, with gold climbing US$54.50 to settle at US$3,348.60.
"The price action formed a bullish candlestick, but it has yet to negate the previous session's bearish candlestick. As such, the bears still own the technical upper hand," the report said.
RHB Research said while the RSI is turning upwards, indicating more room for the rebound, the trend remains corrective unless gold breaks above the US$3,500 resistance level.
Traders are advised to retain short positions initiated at US$3,294.10 on April 23, with a stop-loss threshold at US$3,500. Key support levels are at US$3,200, followed by US$3,000, while the next resistance beyond US$3,500 is pegged at US$3,700.
The research house concluded that while momentum may persist in the short term, gold remains technically vulnerable unless a decisive breakout occurs.
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