Markets are again in red and gold is showing recovery signals. Bullion rebounded to $1,580 following Jerome Powell’s speech with the Fed keeping rates unchanged, as forecasted.
Technically, if the price can surpass the high reached three days ago at $1,585, we will have another signal of strength, while the first support level is now placed at $1,566, followed by the key level of $1,550. The main trend remains positive, with a significant investor interest for bullion in this uncertain phase as markets try to understand the coronavirus’ real impact on the global economy.
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.
© 2019 High Leverage FX - All Rights Reserved.
© 2019 High Leverage FX - All Rights Reserved.