Gold ended last week with a sharp decline, which pulled down the price from the record level of $2,060 to $2,015 as some investors took profit after the massive rally. This morning the price is recovering slightly, holding above the bottom, and climbing back above $2,030. If the price remains above $2,000, the bullish momentum can continue, as the hunger for gold is still at its peak. In other words, the decline we have seen so far is only a correction and not yet an inversion. That said, volatility remains high and traders should be wary of further sharp movements.
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.