This information has been prepared by IG, a trading name of IG Markets 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.
On 23 November 2016, I wrote about the possibility of gold ($1212.00) testing the breakout level of $1100. In the following weeks, a $90 move lower took place but did not reach the charted target price. Three weeks ago, gold posted an inside week (IP) with this week completing a pivot point reversal.
During this time, Australian dollar gold price also crossed back over $1600/oz and is now putting the Australian gold producers in a far better place.