Gold recovered to $1,500 just in time for the long weekend of Diwali celebrations. A dovish Mario Draghi in his final meeting and growing expectation for a rate cut by the FOMC next week are pulling up the price of bullion price.
The recent rebound was also important from a technical point of view, as this recovery is breaking up the negative trendline of the last few weeks. The key level of $1,500 is now a support, while the first resistance level is placed at $1,520.
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.