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OCBC strategists Sim Moh Siong and Christopher Wong highlight that Gold remains closely tied to risk proxies, with weekend geopolitical twists denting risk appetite. They see consolidation near current levels, with resistance around 4,850–4,900 and support at 4,714 and 4,650/70, and expect Gold’s near‑term direction to depend on ceasefire outcomes and continue to prefer buying dips rather than chasing rallies.
Consolidation with dip-buying bias
“Geopolitical twist over the weekend is a setback to risk sentiments, and is likely to see spillover effects onto gold, which still trades cues from risk proxies in the interim.”
“Gold rose to as high as 4889 levels, on earlier news that Strait of Hormuz was open, before some retracement into NY close.”
“Bullish momentum on daily chart intact but RSI is flat. Consolidation likely for now. Resistance at 4850 levels (50% fibo retracement of 2026 high to low), 4900 (50 DMA). Support at 4714 (100 DMA), 4650/70 levels (21, 38.2% fibo).”
“We still expect gold’s near-term directional trade to take cues from broader risk sentiment, dependent on [how] ceasefire talks pan out.”
“This underscores our take on buying on dip (instead of chasing longs) in current environment.”
