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 at key resistance
Gold is currently selling off from $1075 resistance, which was yesterday's peak. The selloff seen on Friday and Monday has not broken below $1064, which is crucial.
Despite this, we have not seen enough to point towards a more bullish sentiment and thus broken levels can provide direction.
A close above $1075 would point towards further upside, with resistance levels of $1077, $1079 and $1088 worth watching.
Given the downtrend and current respect of $1075, a move lower seems likeliest for now, with $1070, $1066 and $1064 the next key support levels.