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.
Potential double top in gold
Gold has been consolidating over the past 48 hours, with the price moving back in towards $1236 this morning. A break below that level would complete a short-term double top formation.
With that in mind, this chart needs to start moving higher from here, or else things could become more bearish over the short term. An hourly close below $1236 would point towards a possible move into the projected target of $1227.