In the last 24 hours, we’ve seen the gold price achieve its highest ever level, drop dramatically before recovering. Probably, the most important thing is that gold has shown a strong reaction after yesterday’s decline to the key level of $1,900. The price is now testing the resistance at $1,950. A new acceleration above $1,960 could open space for another rally to $2,000, while a fall below yesterday’s bottom would put gold in a dangerous situation. The quick fall seen yesterday helped technical indicators to recover from being in hyper-bought territory, while the price seems to be in a consolidation phase after the long rally.
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.