Market sentiment remains strong on stock markets and gold so far failed to rebound after the sharp decline seen in the final part of last week. The main trend remains positive, even though prices are now playing with the psychological level of $1,500 and there could be space for a further correction to around $1,475, without affecting the main bullish trend.
Silver lost some 8% from the peak reached on Wednesday, falling to $18. This can be seen as a confirmation that the rally was too quick. Prices for the grey metal are likely to consolidate around these levels, before any further rebound attempt.
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.