The information 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 Bank S.A. 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 and as such is considered to be a marketing communication.
Will Gold find support from $1200 mark?
Gold has managed to find a bid, following a move down to $1195 last week. Crucially, we have seen the price break through the key $1220 resistance level, forming a bullish falling wedge pattern since. This retracement is expected to resolve with a move higher, where an hourly close above $1205 would point towards another leg higher.
As such, it looks like we could be seeing some form of bottom here for gold, with an hourly close below $1195 required to prove the downtrend is back on.