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.
Will gold turn higher once more?
Gold has pulled back overnight, set within a clear two-week uptrend. According to that short trend, we expect to see the price rise once more this morning. While that appears to be happening from the 50% retracement, it is worth noting that there is a huge hurdle above at $1264.
As such, while we could clearly break higher from here, the bullish view holds much more value upon breaking through $1264. A break and hourly close below $1241 would provide a more bearish picture.