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’s rallies will continue to be sold
Gold rallies have been firmly sold since late February, and there seems little chance that will change that for now.
A move back to the descending hourly trendline, or to the 50-hour simple moving average ($1224) would provide another chance to short, with only a move above $1235 indicating a base has been formed here. Further downside targets lie in the direction of $1200 and then $1175.