Despite this, after the recovery of the last few days, we are now seeing a new consolidation phase. This time we are no longer in the danger zone of $1,850-$1,860, but $30-$40 above, in a less fragile scenario from a technical point of view. Moreover, bullion is back again in the lateral channel between $1,850 and $2,070. The first support is now the zone at $1,850-$1,860, while a rebound above $1,900 would open space for further recoveries to the resistance levels at $1,920 and – later on – at $1,955 and $1,970.
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.