Gold remains steady at $1,510 with a very first support level at $1,500, while the area 1,530/1,535 represents a resistance level. After the big rally of the last few weeks, bullion is consolidating in this area, waiting for new market movers which to push higher.
More in particular: any worsening of the trade battle or any further stock markets decline due to expectations of slower global economic growth, could be seen as a positive signal for gold. Another bullish element for the precious metal sector could also be dovish comments or decisions coming from central banks.
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.