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 retracement brings buying opportunity
Gold has pulled back into Fibonacci support, providing a potential buying opportunity for a rally towards the second half of the week. The decision on whether to use the $1317 swing low or wider $1307 level is a case of risk appetite.
Interestingly, we can see the 76.4% of the shorter move coincide with the 61.8% of the wider move. Both of which have been hit. As such, it is likely we will begin to turn higher in line with the wider bullish trend in place for gold. A break below $1307 would negate this bullish outlook.
.jpg)
