The area around $1,450 has been a great support to the price of gold, helping it rebound up to $1,470, a former support level, which has now become the first resistance area. Today the price is slowing down again on the strength of the US dollar and with stock markets in green.
We will have a first positive signal if the price climbs above $1,470, while another fall below $1,445 would denote sellers dominating while markets wait for further news on the trade war or further input from central banks, particularly from the Federal Reserve.
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.