The day started once again with a new record for gold, as the Comex futures price had a brief flirtation with $2,000. But the rally has run out of steam and the price quickly collapsed after touching this historic landmark. The sharp correction seen in the last few hours, with high volumes, is showing that the rally of the last 10 days was a bit too fast and some investors are now taking profit.
Volatility remains high and we have now entered an interesting phase where buyers and sellers are more evenly matched, and this could lead to a consolidation phase in the range between $1,860 and $1,980.
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.