US Treasury Secretary Steven Mnuchin’s comments yesterday about the need for a stable US Dollar, has not led investors to change their view on yellow metal, and gold fever remains huge. Bullion is getting closer to $1,900, while the only resistance left for gold is the historical peak of 2011, which is just 1% above the current price.
Technically the first support zone could be found at $1,880, while price is attacking the psychological level of $1,900. Investors are still buying every single dip and pulling up prices.
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.