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 consolidation likely to resolve lower
Gold is in consolidation mode following the decline at the end of last week. This bearish trend continues to remain in place, with lower highs remaining unless we see a break above the $1220 mark.
Even if that was to occur, it is likely that we would be looking at a retracement of the wider sell-off from $1236. As such, a bearish outlook remains in place as long as we trade below $1236, with price action below $1220 pointing towards a near-term fall for gold.
.jpg)
