After another quick test to the support area of $1,382, gold is rebounding to $1,390/1,395, confirming that, so far, the bulls are still trying to keep the control of the market.
A fall below the support areas of $1,383 and $1,370 could make space for further declines, otherwise a breakup of the maximum levels seen in the last 36h at $1,395 would push gold up, increasing the chances of seeing the closure of the gap left open at the beginning of this week.
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.