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 pushes on once more
Risk continues to be out of favour, and so gold is pushing on again. Even though intraday charts are overbought, a breakout above $1175 seems to be on the way.
It might still pay to wait for a more sustained dip, with a big gap before the price gets to the 50-hour simple moving average at $1156. With daily charts so overextended as well, the risk is now of a significant unwinding, with a drop back towards $1135 in prospect.