This information has been prepared by IG, a trading name of IG Australia Pty Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Gold trading back at range support
Gold sold off nicely into the $1206 support level yesterday, with the price respecting the $1216 range resistance once more. Given gold is currently trading at the lower end of this short-term range, there is a chance we could rebound once more.
However, with a wider bearish trend in place, the breakout is expected to eventually come to the downside. As such, look for how gold responds to this support level as a determinant of direction going forward.
.jpg)
