The gold price has rebounded while the US dollar weakened in the first few hours after the FOMC. After a long phase with very little volatility, investors are awaiting the price to break through the key level of $1,475 in order to give bullion a more defined direction.
Technically, the price remains in the lateral channel between $1,450 and $1,475 but with growing pressure on the upward edge. This confirms investors’ interest in bullion is returning on the day of the UK election and the meeting of the ECB.
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.