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.
Gold continues to charge towards $1200
Gold has been moving higher in a very convincing manner this week, with price breaking through the key $1165 resistance level yesterday, bringing the $1181 and $1200 targets into play. The current candle is bringing a pullback for the short-term, which could give us a good new entry for longs. As long as we do not break back below $1161, then a bullish outlook is in place.
Longs around the 61.8% and 76.4% level are interesting, but as ever it is the latter which is of most significance. Given this coincides with the key $1165 breakout level, a pullback to this level would look like a great opportunity. Whether that pullback comes or not remains to be seen and in either case a bullish view is in play unless we move back below $1161.