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 turning lower from 61.8% retracement
Gold has started turning over yet again, following on from a rally into the 61.8% retracement level.
There is a strong chance that we will see the market continue to turn lower, with the failure to break above $1212 seemingly paving the way for another move towards the downside. Given the wider downtrend, the ability to break below $1919 will be key in pointing towards another strong move towards the downside.
