Risk off is dominating the short-term scenario and bullion has taken advantage of this rally to jump back to $1,680. The price is now less than 1% from its seven-year high and any further stock correction or dovish decision by a central bank could lift the price further yet. Another positive element for the gold price is the weakness of the greenback, with the Dollar Index continuing to fall. Vice versa, if markets are able to find a support and to build a solid rebound, gold could quickly slip back to $1,650.
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.