Bears are trying again to pull down bullion, with the price that is testing another time the support level of $1,550. If gold falls below this level, it would be a negative signal, opening space for further declines, at least in the short term, as a significant number of stop-losses and profit-taking measures are placed just below this level.
It is clear that the slowing down of tensions between the US and Iran and expectation for a positive closure of trade deal phase one between US and China are reducing the attractiveness of safe havens in the short term, as investors are seeing less risk on the markets.
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.