Technical analysis: key levels for gold

Gold continues to push higher, moving within close proximity of the crucial $1300 level. The reaction to this level will be very telling for the future price of gold.

Mining figure

Gold breaks trendline and heads into key resistance

Gold has managed to break through a descending trendline as it continues the recent uptrend. The price is now heading into the $1300 resistance area, and it will be the ability or inability to break that level which will dictate trade today.

Should the price push through $1300, then it would bring a wider bullish outlook for gold. However, a failure to do so could see the price move lower from here.

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.

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