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 shows no sign of rallying
Gold continues to see intraday selling, as each rally fizzles out. Indeed, the price has recorded a lower intraday high since Tuesday.
A move above $1261 would be a first step, and then above Monday’s high at $1272. This would suggest a bottom is in for now, at least within the context of the current downtrend from the April highs. Possible near-term areas of support are $1245 and then $1236.
.jpg)
