The gold price is skyrocketing. We are in a phase where it does not matter if stock markets are going up or down: investors are buying gold anyway. The recent weakening Dollar has been another supportive element, as investors are continuing to bet on further dovish decisions from central banks in order to mitigate the economic impact of the Covid-19 crisis.
Technically the spot prices climb above $1,790 opened space for further rallies, with bullion jumping above $1,810 after a fifth session in a row in green. Bullion price is now just 6% below its highest ever level in USD, while the price in EUR and other currencies also remains close to record highs.
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.