Gold is trying to react after the selloff seen in the last few trading sessions. The new slowdown of the greenback is lifting bullion up, in a scenario still dominated by risk on, but where we can see a slowing down of the bullish pressure of last month. Some investors are thinking that markets are too optimistic about the chances of a recovery and perspectives for 2021, despite central banks’ stimulus. This could generate some profit taking on stocks and indices and be supportive for the gold price, although the short-term outlook remains weak for bullion after the break down of the key support level of $1,850.
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.