In the last few trading sessions, we have seen less volatility on gold. The bullion price remains above $1,950, without being able to attack the key resistance area of $2,000. The positive trend looks to be recovering its strength even if we are in a “wait and see” phase, with investors believing that the markets are priced correctly in the current situation and fresh markets movers will be needed in order to help bullion to find a new directionality. Meanwhile, the correlation with the EUR/USD is still significant, with yesterday’s recovery attempt stopped by greenback rallying.
Technically, the price remains in the lateral trading range between $1,960 and $2,070 in a situation unchanged for a few weeks.
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.