GOLD
Gold is edging higher, continuing the rebound started after the quick crash that brought the price close to the support zone of $1,800. Investors are awaiting further news about the new US government’s planned stimulus as this could be another supportive element for bullion, in conjunction with the weakening of the dollar seen in the last 24 hours.
OIL
The oil price is close to the former support zone – now resistance – placed at $52.70. If the price can surpass this level, there would be space for further recoveries, with a potential target last week’s high at $53.9-$54, an area which remains the main resistance zone. Overall, the environment for oil still appears supportive, as investors are betting on an economic recovery once the vaccinations defeat the virus. On the downside, the first support levels are placed at $51.80 and $51.50.
Chief analyst at ActivTrades and technical analyst for Italian newspaper 'La Stampa'. Carlo Alberto provides regular commentary for UK outlets including the BBC, Telegraph, the Independent Bloomberg & Reuters. He is also a weekly commentator for CNBC Italy and a columnist for La Stampa. He worked for Bloomberg as their Equity Research Fundamental Analyst before joining brokerage ActivTrades in 2011 to specialize in currency markets and commodities. In 2014 he published a 250-pages book on gold and the gold market, followed in 2018 by a new updated edition.
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© 2019 High Leverage FX - All Rights Reserved.