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 turns lower again as it heads towards support zone
Gold has been selling off sharply over the past week, falling back from the 76.4% retracement level. With the price having dropped below the wider 61.8% retracement, there is a strong chance we will continue to head lower over the short term.
Watch out for the area between the ascending trendline and 76.4% as the next support zone. Should we break below that, it would provide greater confidence that we are going to see a wider downturn for the price of gold.
.jpg)
