Gold is slightly up in the early trading, while volatility remains low. The spot price was unable to surpass the first key level of $1,895, continuing a slow dance just above $1,890. It seems investors are in a wait and see mode as they are still hoping for new stimulus from central banks to help the economy’s recovery. Meanwhile, they are carefully following US politics and the approaching presidential election in early November, trying to predict what impact it will have on US monetary policy and consequently on the US Dollar and the gold price.
From a technical point of view, bullion remains in a lateral trading range between $1,850 and $2,070, waiting for a clear new direction.
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.