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 uptrend intact
Tuesday saw the price of gold clamber higher, with more follow-through today. While the drop from Friday into Monday was dramatic, it created a higher low.
Therefore, this supports the idea that we will see a continuation of the trend higher from $1264 at the end of October. The new upside targets remain $1295 and then $1307, while a close below $1275 is needed to create a new lower low, and suggest that the bounce has run its course.