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. See full non-independent research disclaimer and quarterly summary.
Gold consolidates below key resistance level
Gold has been moving sharply higher over the second half of the week, with the wider bullish trend seen over the past three months coming into play once more.
A break through the $1230 mark would provide a signal that the weakness we have been seeing over the first two weeks of November are over. Such a move would point towards a likely rally up through the $1237 and $1247 resistance levels. However, for the moment we need to watch for whether that level is broken or not, with a break below yesterday’s low of $1222 providing a bearish short-term view.
.jpg)
