Gold price has plummeted with four negative sessions in a row, which has pulled down the price to $1,450. Bullion was heavily sold on growing expectations of a trading deal between the US and China and due to the strengthening of the greenback.
Moreover, after a relative long lateral phase between $1,480 and $1,515, the breakdown of the support level of $1,480 has trigged some profit taking, with investors willing to bring home gains achieved in the first part of the year after this correction. We are also seeing some outflows from the ETF sector.
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.