I'm Brandon, a senior stockbroker at a local securities firm and also a professional trainer with Singapore Exchange (SGX) Academy. Holder of Chartered Market Technician (CMT) and Certified Financial Technician (CFTe) with over 10 years experience in the financial industry.
This blog aims to share how private traders can forecast price and trade in line with the market and smart money by applying Wyckoff principles and simple technical analysis techniques.
Thursday, 11 October 2018
Gold Exhibiting Bullish Character
Gold price is exhibiting characteristics of the Wyckoff's Accumulation Phase.
You may notice that the downtrend line (stride) has been broken and price consolidated, with its lows getting higher. Other observations include price rally on higher vol and reacts with lower vol, which leads to FFI's improving momentum.
Meanwhile, technical indicator MACD is also displaying bullish momentum. A break above the resistance line, is likely to see gold trading into the Mark Up phase.
Funds following into gold as bond and equities markets get sell off, and with political tensions adding into the equation?