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 takes a breather
Gold is pulling back this morning, with price ranging between $1267 and $1273. Should we see an hourly close below this level, it would point towards a deeper retracement of yesterday’s rally, with trendline and Fibonacci support coming into play.
We would need to see an hourly close below $1260 to negate the bullish view, with any short-term pullback looking like an opportunity to get long for a move back above $1273.