Gold is skyrocketing as uncertainty continues to dominate with the price climbing to its highest level in seven years, breaking through the key threshold of $1,700 in the process in another signal of strength for bullion. This new rally isn’t related to a swift return of risk-off, but instead driven by the huge increase of the Federal Reserve’s balance sheet.
Technically the trend remains bullish as investors are looking to gold as a safe haven in case there will be a second bearish shock to stock markets after the sharp decline seen earlier this year.
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.