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 price slumps, but selling opportunities have been sparse
The gold price has slumped below the rising trendline that has dominated since December. However, rallies have been short-lived intraday and have offered little opportunity for fresh selling, with the price sharply oversold over the past 18 hours. We would look for a move back towards $1240 and the 50-hour simple moving average for a more promising selling opportunity.