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.
Gold rallying again
New yearly highs in gold underscore the strength of this rally. Overbought intraday conditions and a looming weekend should cause bulls to stay their hand, but for the time being, dips should continue to be bought.
The previous resistance at $1245 could be a first area of support if the price falters today, with a bigger drop potentially testing $1230. Upside targets now lie at $1256 and $1274.
.jpg)
