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 within short-term channel
Gold has seen a retracement higher of sorts overnight following a strong selloff early into yesterday’s trading. While we have trendline support below current price, that is likely to be broken should price close below $1070. Thus the bearish outlook comes back into play below $1070.
However, until that happens we could see this short-term ascending channel continue to see gradual gains. Resistance levels are at $1075, $1077 and $1079. Meanwhile, a close below $1070 would look towards near term support levels of $1068, $1067 and $1064.