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 finds new higher support
The strength of gold was highlighted yesterday, as price broke through an absolutely crucial resistance level at $1191. This provide a bullish medium to long-term view for gold given that we have now broken up out of a falling wedge and taken out the first swing high resistance level.
Looking at the shorter-term, there is a clear new base being created here which provides confidence of another move higher. As such, as long as we do not see a closed hourly candle below $1205, a bullish view is held for another leg higher. The next major resistance level of note is $1232.