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 rallies back into Fibonacci resistance
Gold has managed to break back through the crucial $1214 resistance level this morning. The original break below that level seems to pave the way for further downside on a wider timeframe.
Whether we are going to see some form of a rebound before that next leg lower remains to be seen. For that to look likely, we would need to see a break back up through $1229. Until that happens, shorts look attractive from the 61.8%-76.4% retracement zone ($1220-$1223).
.jpg)
