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.
Head and shoulders pattern for gold
Gold broke lower yesterday, providing a projected target of $1243 (last week’s high). As such, further downside seems likely, unless we see an hourly close above $1259.
Any rally into the neckline and 50% retracement at $1253 would be seen as a likely area for another turn lower towards that $1243 level.