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 rally continues, but for how long?
Gold’s rally has carried it through $1275, and now the next target is the $1299 level, the 50-day simple moving average (SMA).
However, it is still hard to escape the impression the price is headed lower over the longer-term, so unless it holds above $1315 the most likely end of this bounce will be a selling opportunity, with a target at $1250 and then $1200.