In the last few days we have seen an acceleration of the gold price as it seems that investors are starting to realize that central banks will be forced to print a huge amount of money and put in place other ultra-expensive measures to fight the coronavirus-induced crisis.
From a technical point of view, the price surpassed the resistance placed at $1,640 earlier this week, managing to rally up to $1,673 before a new pullback yesterday to $1,640. This area, previously a resistance, is now a first support level with the price rebounding again today by almost 1%. The main trend remains positive while investors are still pricing the real impact on the global economy of coronavirus.
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.