Dow Jones: 28,645.66 pts (+215.61pts, +0.76%)
⬆ Resistance:  29400
⬇ Support:  27600

FBM KLCI: 1,521.43 pts (-3.78pts, -0.25%)
⬆ Resistance:  1600
⬇ Support:  1490

HSI Index: 25,184.85 pts (+7.80pts, +0.03%)
⬆ Resistance:  26400
⬇ Support:  24500

Crude Palm Oil: RM2,784 (+RM46, +1.68%)
⬆ Resistance:  2890
⬇ Support:  2570

Brent Oil: $45.58 (+$0.30, +0.66%)
⬆ Resistance:  47.50
⬇ Support:  43.70

Gold: $1,970.18 (+$2.38, +0.12%)
⬆ Resistance:  2040
⬇ Support:  1870

M+ Online Technical Focus - 2Sep20
Gold proxy: Another round of golden time

Trading Catalyst
• With gold price hovering near US$2,000, the safe haven commodity relatively attractive as a hedging tool against the toppish market condition.
• Economic recovery to remain in a choppy mode following US Federal Reserve stance on interest rate direction over the next two years.
• The CBOE Volatility Index (VIX) that represents the market expectations of 30-day forward volatility has jumped to 26.4 in late last month – the highest since mid-July 2020.
• The weaker Greenback with the US Dollar Index falling to the lowest level since April 2018 also boosted the safe haven assets

Technical View

(i) POHKONG (S: RM0.945, R: RM1.17-1.27, LT TP:RM1.39, CL:RM0.94)
(ii) TOMEI (S: RM1.09, R: RM1.32-1.55, LT TP:RM1.89, CL:RM1.08)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Source: Bloomberg, M+ Online

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