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 bulls will not have been pleased to see the 50-day simple moving average (SMA) – $1250 – so soon after the late April surge. However, if they can hold this area then a bounce towards $1265 may materialise.
A break below $1250 would head towards $1220 and then the 100-day SMA at $1210. Any failure to close above $1265 however, would raise the risk of fresh selling.