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.
Gold extends gains
Gold continues to rally from Wednesday’s trendline support and despite seeing a retracement lower overnight, there is a good chance we could see further gains today.
This morning’s failure to break above $1087 is a little of a worry, yet with price currently moving higher from $1079, this looks like a sideways consolidation more than anything.
Subsequently, while price remains above $1070, the bullish view remains.
Resistance levels to watch are at $1087 and $1100. Whereas a close below $1070 would then look towards $1064 as the next support level.