辉立证券-黄金分析-technical analysis gold-20170718-phillip securities

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1、Editor:VaughnLITel:(852)22776628Email:foreignstock@phillip.com.hkTechnicalAnalysis:GoldTurningpointinsightafterreboundingoff$1200supportCOMMODITY

2、GOLD

3、TECHNICALANALYSIS18July2017•TherecentselloffinGoldsinceJune2017FOMCmeetingisendingTradableinstruments:•NeartermtargetGold:$1300/

4、LongtermtargetGold:$1920•Strongsupportoffthe$1200psychologicalareakepttheuptrendintactSPDRGLDUS$–(SGX:O87)•OversoldRelativeStrengthIndex(RSI)since7July2017ishintingareversalovertheSPDRGoldTrust–(AMEX:GLD)horizonSPDRGoldShares(GLD)isanexchange-tradedfund(ETF)thatoffersinvestorsan

5、AfterthemostrecentFOMCmeetinginJune2017thepreciousmetalsmarketgotheavilyinnovative,relativelycostefficientandhitasGoldandSilverfelltoalowof$1205and$14respectively.Thereasonforthestrongsecurewaytoaccessthegoldmarket.selloffinGoldandSilverwasmainlyduetothenewhawkishlanguagefromthe

6、FedasSPDRGoldSharesareintendedtooffertheyexplainedhowtheywouldbeginthebalancesheetreductionbytheendof2017ifinvestorsameansofparticipatinginthetheeconomicdatacontinuestoimprove.goldbullionmarketwithoutthenecessityoftakingphysicaldeliveryofgold,andtoNonetheless,ourlongtermviewonGo

7、ldremainsbullishandtherecentselloffhavebuyandsellthatinterestthroughthepresentedagoodopportunitytohopbackontothelongtermuptrend.tradingofsecurityonaregulatedstockexchange.Strongsupportoffthe$1200psychologicalroundnumberThestrongsupportofftheconfluenceof$1200psychologicalroundnum

8、berand50%GLDUSD(PhillipFutures)FibonacciretracementlevelfromboththeDecember2015–July2016uptrendandDecember2016–April2017uptrendhavemanagedtoreversetheselloffshownbythetweezersbottomrejectionontheweekended14July2017.Figure1.Goldweeklychart–Tweezersbottomrejectionoffthe$1200suppor

9、tSource:BloombergOversoldRSIsignalingabottomisinsightIsharesSilverTrust–(AMEX:SLV)Moreimportantly,lookingatthepriceactionaroundthe$1200supportareashowsTheIsharesSilverTrust(SLV)isanpromisingsignofahigherlowbottom.Asmentionedinthepreviousreport“Buythedips”exchange-tradedfund(ETF)

10、thatseekstoontherelativeperformanceofGoldwhenth