Gold is skyrocketing with the price climbing to its highest in seven years. Dovish comments from the Federal Reserve and concerns about the stock market have lifted bullion. It is clear that investors are continuing to buy bullion as an insurance in case there are any further corrections on stocks. The general feeling of uncertainty and fears that stocks could be overpriced are encouraging traders to bet on further rallies for gold.
Technically the trend remains positive. The breakup of resistance at $1,730 was confirmed by both Friday’s close and in early trading of Monday morning, lifting the spot price up to $1,760.
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.