To The Moon

SPDR Gold Shares ( $GLD US$(O87.SI)$ ) tracks the price of gold bullion, offering Singapore investors direct exposure to gold through a locally listed ETF. It is one of the most actively traded gold-linked instruments on the SGX.

Daily Chart: Downtrend Intact, but Price Finds Footing at Support

Since January 2026, O87 has been forming lower highs and lower lows — a textbook downtrend market structure. 

However, price has found support near the previous major low around $361-362 and has stabilised in this area. Notably, O87 has retested this support zone on two separate occasions — once around mid-June and again in mid-July — holding above it each time without a decisive breakdown.

This does not signal a reversal. But it does suggest that selling pressure has eased at this level for now.

SPDR Gold Shares Daily Chart

1-Hour Chart: Channel Breakout and MACD Divergence

On the 1-hour chart, the two retests of the support zone are marked as ① and ②. After the second retest, price broke out of a downsloping channel to the upside — a near-term positive shift in price structure.

The MACD on the 1-hour chart is also showing bullish divergence: price made a lower low while MACD held higher, signalling weakening downside momentum.

Despite this, two overhead resistance levels stand in the way of any sustained recovery:

• Immediate resistance ≈ $385

• Stronger resistance ≈ $400

Price would need to clear $385 convincingly before the $400 level comes into play. Neither has been reclaimed at the time of writing.

SPDR Gold Shares hourly Chart

Using Structured Warrants for Short-Term Trading

• Structured warrants allow traders to take a view on short-term price direction with defined, upfront cost. A call warrant gains in value when the underlying rises; a put warrant gains when it falls.

• For a trader who forms a bullish short-term view — believing O87 will hold above the $361–362 support zone and recover toward $385 resistance — a call warrant on O87 (SPDR GLD US MBeCW270120 ( $SPDR GLD US MBeCW270120(EXQW.SI)$ )) (https://warrants.com.sg/tools/livematrix/EXQW) could be one way to express that view.

• For a trader who believes the downtrend will reassert itself and O87 breaks back below the support zone or that price gets resisted at the resistance level, a put warrant on O87(SPDR GLD US MBePW270120 ( $SPDR GLD US MBePW270120(SQGW.SI)$ )) (https://warrants.com.sg/tools/livematrix/SQGW) could be one way to express that view.

• Structured warrants are short-term trading instruments that magnify both gains and losses; their value is affected by the underlying price, volatility, and time to expiry. Note: The featured call or put warrant is one of the warrants quoted on tight spreads and high liquidity. They are also known as trending warrants. 

DISCLAIMER

Information found in Binni Ong commentary is not an offer or solicitation to buy or sell, nor financial advice or recommendation for any investment product. She is providing education and training, and is not regulated by the Monetary Authority of Singapore or any financial regulatory body. 

This commentary piece is sponsored by Macquarie Warrants Singapore. The views expressed by Binni Ong do not represent the views of Macquarie Group, nor its affiliates.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Investment products including warrants are subject to significant investment risks, including the possible loss of the principal amount invested.

Where past performance is referred to, it is not indicative of future performance. Examples quoted in this presentation are for illustration purposes only and do not represent any investment views or strategies. Advice should be sought from a financial adviser regarding the suitability of the investment product before you commit to invest in it.