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 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.
Will gold bounce?
Gold has bounced from $1105 support despite a brief foray below this key level. The $1105 mark represents the September low and breakout point from the late July/early-August basing pattern. Thus a bounce is a possibility from this area. However, we have not seen any signal of a reversal as of yet, and thus the downtrend remains in play. A close back above $1111 would give confidence of a move higher, with resistance levels $1114 and $1122 key near-term levels. However, until we see that, the downtrend remains in play, with near-term support levels at $1105, $1103 and $1098.