Add the sugar and first quantity of water to a medium-sized saucepan and heat over medium-low heat, stirring occasionally.
Pour the second quantity of water into the powdered gelatin and mix with a spoon. Leave to fully absorb for 15 minutes.
Combine white chocolate and sweetened condensed milk in large heat proof container
When the sugar and water mixture begins to simmer (do not boil), remove from the heat and add the bloomed gelatin. Stir until the gelatin has dissolved.
Pour the hot liquid on top of the chocolate chips and sweetened condensed milk and leave to sit for 5 minutes to melt.
Use a whisk or immersion blender to stir the glaze until the chocolate has completely melted.
Add the gel food coloring and stir until well-mixed. Pass the glaze through a fine strainer to remove any lumps. Leave the glaze to cool.
Once the glaze has cooled to 90º F / 32º C, pour it over the frozen cake which is on top of a cup, sitting on a tray or plate with a edge to catch the drips.
Leave the glaze to set for 5 minutes before using a hot knife to remove the drips.
Enjoy your cake right away or refrigerate until serving. Keep in mind that glaze loses it's shine after 24 hours so if you're making this for a client make sure you pour the same day as delivery.