As the Dollar weakens, gold prices are rallying above $1,900 and nearing the first resistance area of $1,920. Hopes for further fiscal stimulus and expectations for other central bank interventions – maybe not in the immediate future, but in 2021 – are keeping an historical high attention on gold.
From a technical point of view, we are seeing a recovery of strength of gold, which is continuing its rebound from the key support zone of $1,850-1,860. As long as prices remain above this threshold the trading range of the last two months, between $1,850 and $2,070, remains valid, while the main trend remains supportive for bullion.
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.