The gold price is stable just above $1,460. From a technical point of view, we are clearly in a phase of very low volatility for bullion (as well as for many currencies like the EUR/USD) as it has been languishing in a tight 3% range between $1,445 and $1,480 for the last month. A breakout from one of these two levels could give some directionality to bullion but we remain in a wait and see scenario in the interim.
It is clear that investors are waiting for a fresh market driver. The FOMC’s meeting does not seem to be one of them with any news coming from the trade war likely to be much more relevant.
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.