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Education Series: Single-Stock ETPs

With Markets in Chaos Gold Loses Its Lustre

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Websim is the retail division of Intermonte, the primary intermediary of the Italian stock exchange for institutional investors. Leverage Shares often features in its speculative analysis based on macros/fundamentals. However, the information is published in Italian. To provide better information for our non-Italian investors, we bring to you a quick translation of the analysis they present to Italian retail investors. To ensure rapid delivery, text in the charts will not be translated. The views expressed here are of Websim. Leverage Shares in no way endorses these views. If you are unsure about the suitability of an investment, please seek financial advice. View the original at

Gold has been trading lower since March, with recent price action breaking below its key support of $1,680 and hitting a 2.5-year low. Gold bears have an overall short-term technical advantage given the recent technical breakout which targets $1,580. The precious metal has been trading in a downtrend since reaching a high of $2,078 in March 2022, with the price consistently posting lower lows and lower highs, which is the pre-requisite for a bear market. The daily RSI indicator has been fluctuating below 60% over the past five months and is firmly in its bear market range.

The relentless appreciation of the U.S. dollar on the foreign exchange market and rising U.S. Treasury yields are negative elements that have been keeping buyers of the precious metal at bay. After hitting a low of $1,622 last week and daily oversold momentum readings, the price of gold has staged a mild rebound amid slight drop in the U.S. dollar index and in Treasury yields; however, we are of the view that the short-term up swing is likely to reverse course.

The bounce was also supported by the BOE’s intervention to avoid gilts crash which sent global bond yields sharply lower. This is a good reminder that gold will do well once the global bond market selloff is over. Therefore, we are of the view that once interest rates reach their terminal rate in 2023, gold will find a rock-solid support. Until then the price of the yellow metal is likely to remain under selling pressure.

Nimble traders looking to gain exposure to gold may use our 3x Long Gold ETP to take advantage of expected short-term rebounds, and our -3x Short Gold ETP to capture expected declines.

Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.

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Sandeep Rao

Research

Sandeep joined Leverage Shares in September 2020. He leads research on existing and new product lines, asset classes, and strategies, with special emphasis on analysis of recent events and developments.

Sandeep has longstanding experience with financial markets. Starting with a Chicago-based hedge fund as a financial engineer, his career has spanned a variety of domains and organizations over a course of 8 years – from Barclays Capital’s Prime Services Division to (most recently) Nasdaq’s Index Research Team.

Sandeep holds an M.S. in Finance as well as an MBA from Illinois Institute of Technology Chicago.

Violeta Todorova

Senior Research

Violeta joined Leverage Shares in September 2022. She is responsible for conducting technical analysis, macro and equity research, providing valuable insights to help shape investment strategies for clients.

Prior to joining LS, Violeta worked at several high-profile investment firms in Australia, such as Tollhurst and Morgans Financial where she spent the past 12 years of her career.

Violeta is a certified market technician from the Australian Technical Analysts Association and holds a Post Graduate Diploma of Applied Finance and Investment from Kaplan Professional (FINSIA), Australia, where she was a lecturer for a number of years.

Julian Manoilov

Senior Analyst

Julian joined Leverage Shares in 2018 as part of the company’s premier expansion in Eastern Europe. He is responsible for web content and raising brand awareness.

Julian has been academically involved with economics, psychology, sociology, European politics & linguistics. He has experience in business development and marketing through business ventures of his own.

For Julian, Leverage Shares is an innovator in the field of finance & fintech, and he always looks forward with excitement to share the next big news with investors in the UK & Europe.

Oktay Kavrak

Director

Oktay joined Leverage Shares in late 2019. He is responsible for driving business growth by maintaining key relationships and developing sales activity across English-speaking markets.

He joined LS from UniCredit, where he was a corporate relationship manager for multinationals. His previous experience is in corporate finance and fund administration at firms like IBM Bulgaria and DeGiro / FundShare.

Oktay holds a BA in Finance & Accounting and a post-graduate certificate in Entrepreneurship from Babson College. He is also a CFA charterholder.

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