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 rally could signal start of resurgence
Gold has managed to gain ground this morning, following a failed attempt to break below last week’s $1310 low. That is the first piece of the jigsaw, with a break through $1334 providing the signal that this sell-off is likely to be over.
For now, we have both trendline and simple moving average (50-SMA) resistance to contend with. A bullish view remains in play, with initial signs pointing towards a recovery coming into play. This bullish outlook remains unless we see an hourly close below $1303.