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 strong again
Gold has returned to the $1295 resistance level that has been tested twice since April. A daily close above here would trigger a test of $1307, and then on to $1345 and $1360.
It would need a drop below $1267 to suggest that more short-term weakness is on the way, which could open the way to $1252 and the 50-day SMA.