GOLD
The spot price of gold managed to hold the support level at $1,725 and rebound to $1,750. Bullion was lifted by the decline of US stocks in conjunction with the slowdown of the greenback.Investors’ demand for bullion remains very strong with the price now less than 1% from its recent peak, which was the highest in the last 7 ½ years.
OIL
The oil price is slowing down after the recent rally which lifted the July expiry well above $30. Investors seem much more confident that the demand will slowly recover, and the filled-up tanks were most likely an exceptional event. These elements helped drive the price higher although it is now modestly declining as we return to a more risk off scenario, while some investors are taking profits after recent gains.
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.
© 2019 High Leverage FX - All Rights Reserved.
© 2019 High Leverage FX - All Rights Reserved.