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 ebbs despite North Korea news
Despite the spike higher yesterday after the North Korea news, gold looks at risk of creating a lower high, with a turn lower targeting $1290 and down to $1264.
It needs a move back above last week’s high of $1316 to break the sequence of downward moves. In this case, we would look for a move to $1340 in the short term. For now, however, the downside looks to have the upper hand.