Gold prices in Malaysia rose on Monday, defying broader bearish trends in global markets. According to data from goldprice.org, the local price of gold increased by 1.05%, or RM51.36, to RM4,941.20 per ounce.
The gain extends a strong domestic performance, with Malaysian gold prices up 17.38% over the past six months and 28.40% year-on-year.
Globally, however, sentiment remains cautious. COMEX gold futures dropped by US$28.50 on Friday, closing at US$3,346.60 per ounce. The price moved further away from the key resistance level of US$3,400, forming a “lower low” candlestick—a technical signal indicating increasing downward momentum.
RHB Investment Bank Bhd (RHB Research) reiterated its bearish stance on COMEX gold, cautioning that a break below the 20-day simple moving average (SMA) could trigger further correction toward US$3,150. A deeper decline may test the next support level at US$3,000, it noted.
Resistance levels remain at US$3,400 and US$3,500.
In line with its outlook, RHB Research advises traders to maintain existing short positions, initiated at US$3,188.30, while setting a stop-loss at US$3,400.
Despite Malaysia’s price resilience, analysts warn that global headwinds—including stronger U.S. economic data and fading geopolitical risk appetite—could continue to weigh on international bullion markets.
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