• For investors that would like to get exposure on the recent breakout of gold prices, GLD ETF might be worth accumulating for a medium term position. In tandem with the gold futures breakout last week, we may expect the GLD to see further buying interest above the weekly SMA200.

• Monitor for the continuation of the buying interest towards the price target of US$124 and US$130. Meanwhile, support will be pegged around the US$116-118 level, with the cut loss strategy located at US$115.

Source: Hong Leong Investment Bank Research - 27 Feb 2017