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 potential for a bounce exists
There has certainly been little sign that the gold pullback is about to turn, but if the price can hold above the $1225 low from yesterday the potential for a bounce exists. Some resistance could be provided at $1239, but once above $1240 we could see bullish momentum accelerate.
Support is possible around the 100-day simple moving average (SMA) at $1221, but a move below here would suggest a move back to $1195, last seen in mid-March.