The information 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 Bank S.A. 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 and as such is considered to be a marketing communication.
Gold to try and buck recent trend
As with indices, gold’s behaviour yesterday was a carbon copy of last week – a higher open, then a move lower. Two attempts to break $1175 yesterday failed, so this is the first upside level that needs to be breached. Further gains will require a move back above $1180 and then on to the 50-day simple moving average at $1188. What has become apparent in recent sessions is that the area around $1160 - $1165 is providing good support, with buyers stepping in. With the price now moving back above a rising 50-hour SMA ($1168), buyers may continue to step in for another attempt to challenge $1175.