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 potential support at $1246 and $1239
Gold’s move back below the downtrend line raises the prospect that we are about to see a fresh leg lower, with the creation of a new lower high putting the post-December 2016 trendline under strain. As potential support levels, we have $1246 followed by $1239.
A bounce from $1260 would suggest a return to the highs of the week near $1275, with the current pullback in the four-hour chart providing an interesting entry point for further longs.
.jpg)
