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.
Further gains for gold?
The price of gold held above the descending trendline that it broke on Friday, so the way may be clear for further gains, up towards $1280 and then $1296.
It would take a move below $1264 to make the outlook here more bearish, while longer-term the price needs to clear $1296 to create a new higher high and put more fight into the post-December 2016 rising trend.