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 turning higher from 76.4% retracement
Gold has started turning higher, following a deep 76.4% retracement.
The wider uptrend points towards a possible bullish revival from here, where the oversold stochastic and a potential reversal in direction on the moving average convergence divergence (MACD) histogram all add to the notion that we could turn higher from here. With that in mind, a bullish outlook remains in play, unless the price falls back below $1324 support.