The gold price is slowing down in early trading this morning as there is a moderate risk on mode in the market. After the decline seen in the final part of last week, stocks are trying to reduce losses and the gold run seen on Friday is temporarily losing some strength. Despite this, the whole environment for bullion remains supportive as uncertainty still dominates the main scenario amid fears over a second wave of Covid-19.
Technically the price seems to be in a consolidation phase, with support levels placed at $1,763 and $1,745, while a clear break up above $1,780 would open space for further rallies.
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.