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 above 100-week moving average
By this point in 2016, gold had risen by over 10%. This year is not quite as bullish, but the price is still 7% higher, and is back above the 100-week moving average ($1202).
Friday’s dip was furiously bought, pushing the price to highs not seen since early November 2016; it may now be due another pullback, but so long as $1210 holds, it will simply be a dip in the trend. Above $1234 the price will head towards $1248 and then the 200-day simple moving average at $1263.