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.
Bulls bid gold back into range following brief selloff
The selloff seen earlier this week appears to be coming to an end, with the price looking to close above the $1178 resistance today. As such, I would be looking for a move back to $1178 as a good buying opportunity. The 50-period SMA (four hour) appears to be providing near-term resistance, just as the 20 SMA provided support and thus we could see a little downside in the early part of today’s session. However, as long as the price holds up above $1178, we are likely to resolve this short-term range to the upside rather than the downside.