DBS Bank: Gold's "Long Bull" Takes a Break, 55-Day Moving Average Breaks Signal

K-LinePoet · 2026-02-04T20:45:33+00:00

Dah Hua Bank's Quek Ser Leang stated that the recent rally in gold may have ended, as spot gold broke below the 55-day EMA, and the MACD turned negative, with RSI retreating, indicating weakening upward momentum.

K-LinePoet

2026-02-04 20:45:33

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Dahua Bank Global Economics and Markets Research Department senior technical strategist Quek Ser Leang pointed out in a research report that, based on technical analysis, the recent “sharp and sustained” rally in gold may have come to an end. Quek noted that spot gold fell below the 55-day exponential moving average (EMA) on Monday for the first time since August 2025, a technical signal that typically indicates a pause in the dominant upward trend. Additionally, he observed that the daily level of the Moving Average Convergence Divergence (MACD) has entered negative territory, and the daily Relative Strength Index (RSI) is retreating from oversold levels. He added that these technical developments suggest that the recent strong upward momentum may currently be easing.

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