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 buoyed by Trump surge
The Trump surge and dollar weakness has meant gold is on the cusp of hitting $1300 much quicker than anyone anticipated. A push through the 50-day simple moving average (SMA) at $1299 would still leave the price in a downtrend off the summer highs.
We would need to see sustained action above $1320 to indicate the pullback has run its course. A turn lower from here would head back towards $1250.