The new week for gold has started with the rebound continue over from the final part of last week. Bullion is consolidating well above the support level of $1,550; a clear breakthrough of $1,562 will open space for further recoveries, with a first target at $1,577 and then resistance levels at $1,593 and $1,611, which is the 7-year-top reached a few days ago.
The rebound of gold despite the strength of the greenback is confirming investors strong appetite for bullion.
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.