Bullion is holding above the key support level of $1,850 with the price consolidating after the recent rally. European stock markets opened in the green, reinforced by positive news regarding the upcoming vaccine, but this was not a disruptive element for gold, which is only showing a fractional decline. Overall, in the last few days we have seen an improving trend as investor demand recovered significantly as they bet on further stimulus from central banks, both in the short and medium trend. Moreover, the persistent weakness of the US Dollar represents another supportive element for the yellow metal.
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.