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 rally met by more selling
Yesterday, gold hit its lowest level since February, testing the area around $1150. A rally overnight back towards $1167 has been met with fresh selling, so it seems gold bugs will still have to wait for the price to form a base.
The next downside targets below $1150 are $1145 and then $1139. A bounce has to clear $1170, then $1180 and then on to $1200.