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 pounded by dollar ascension
The steady ascent of the dollar continues to hit gold, which has hit its lowest level since late June. So far the $1305 support level continues to hold, but if this fails then $1257 becomes the next area to watch.
The best hope for gold bulls would be a weak non-farm payrolls reading tomorrow that takes some of the fight out of the greenback. Even so, the downtrend is still in place so the approach would still seem to be to sell the rallies, up towards $1320.