Top mover alert: Gold ETF breaks above market technician Binni's resistance levels on Hormuz reopening hopes
👀The $GLD US$(O87.SI)$ listed on the SGX is currently up 2.9% to USD 393 as of 11AM, breaking above the USD 385 resistance level mentioned by Market Technician Binni Ong in an article published on 23 July (Singapore Warrants | Trading Stocks and Index Warrants | Macquarie)
✳✴Macquarie's trending call warrant tracking the gold ETF - $SPDR GLD US MBeCW270120(EXQW.SI)$ (https://warrants.com.sg/tools/livematrix/EXQW) is up 6.5 times more with a 18.8% return to SGD 0.057 as of 11AM, while trending put warrant $SPDR GLD US MBePW270120(SQGW.SI)$ (https://warrants.com.sg/tools/livematrix/SQGW) is down 14.6% to SGD 0.041
❗Gold is making its biggest rally since February as prospects for a deal to reopen the Strait of Hormuz reduced expectations for Federal Reserve rate hikes
Markets are now fully pricing in a single US rate increase by year-end, down from two as recently as last week. Less monetary tightening is generally positive for precious metals including gold, which generate no yield (Bloomberg)
Through the introduction of Macquarie's gold ETF warrants in July, bullish or bearish investors can now gain leveraged exposure to the moves in gold prices with a lower capital outlay via the call or put warrant, compared to the popular SPDR gold ETF
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