Gold Expecting Further Upside
With US-China trade war escalateing, looks like smart money are putting their funds into safe-haven asset class like Gold to weather the storm.
We saw Gold consolidates without breaking down since Jan 2019, but what's more critical is the 2 recent Springs that we saw in late April. Spring signifies exhaustion of supply in Wyckoff's principles.
To add on the bullish clues, Gold breakout of its downward trendline (stride) with larger than usual volume yesterday and this represents a Sign of Strength by the buyers.
Thus, the sign of strength demand and exhaustion of supply, we expect gold to re-test recent high, trading towards US$1,350.
Traders or Investors can access gold via Gold ETF (O87) listed on SGX.
Learn more about the Wyckoff Principles and how its helps market participants in identifying trends in our upcoming free seminar, Introduction to Wyckoff Method, at SGX Auditorium.