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 lacks upward momentum
The bounce off the 50-day simple moving average ($1217) yesterday helped to steady the situation for gold, but upward momentum is lacking today. As at the end of March, yesterday saw the price unable to move on beyond $1235.
A drop today and tomorrow may find support around $1210, the lows from 28 March and 1 April, and then below this to $1190. A bounce needs to clear $1235, to then target $1245 and $1260.