This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Gold looking for short-term gains
Gold has been drifting lower over recent weeks, with the price once again hitting a new intraday lower low yesterday.
We are starting to see some initial signs of strength come into play, with a strong chance we will see a move back into the 200-day simple moving average (SMA) on the four-hour chart. A break above $1207 would signify a bullish breakout from this phase, yet until that happens we are looking for a possible retracement into the SMA to continue the recent trend.