Gold prices remain resilient even though a risk-on approach is still dominating markets. The support level of $1,550 was able to generate a solid rebound, with prices that are playing close to $1,660.
Technically the situation is unchanged, with the first support level still placed at $1,550, while a rise above $1,562 could open space for further recoveries with a potential target of 1,575. The strength of the greenback and stock rallies, at least for now, are not supporting the gold price.
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.