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 Bank S.A. 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 pulling back, yet further upside seems likely
Gold has been pulling back since yesterday’s rally into a new nine-month high, with the rebound overnight coming short as the price heads back towards the low of $1305. A break back below that level would point towards a likely continuation of this short-term weakness.
However, until we see a break below the $1275 level, the current period of weakness would look likely to be a short-term move before we push higher once more.