Gold spot price remains steady at $1,800, with investors in a “wait and see” mode. At this stage, the level of $1,815 seems a solid resistance area in the short term, while only a fall below $1,790 would denote some weakness. It is worth repeating that the recent rally was sustained by massive inflows of ETF demand, while jewellery and industrial demand are fragile. Any change on the fundamental side will be reflected in the price, but so far markets consider gold is quite fairly priced in the area of $1,800.
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.