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 pushes lower
Tentative signs of a recovery in gold were obliterated yesterday, with the price dropping through key support at $1264. The next area to watch will be that provided by the 200-day and 50-day simple moving average (SMA) at $1255 and $1249 respectively, where some support may develop, or failing that, down to the rising post-December trendline, which would suggest support around $1241.
Bulls need to see a recovery of $1264 and then a push above $1270 to reverse the sequence of lower highs and lower lows on the hourly chart.
.jpg)
