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 attempting to break higher once more
Gold has managed to break back above $1200 once more overnight, with price marginally creating a new 53-day high. However, despite this bullish move, we would need to see an hourly close above $1207 to provide a bullish signal.
There is still a risk of gold turning lower from this big resistance region and as such, a strong confirmation becomes important. Alternately, should we see an hourly close below $1188, then this would provide us with a more bearish near-term outlook.