Friday’s stock market rally was negative for the gold price, but bullion was able to stop its fall at $1,470, recovering in the last few trading hours. The situation appears mixed with a short-term trend that appears weak, while the prevailing outlook of the last few months was strongly bullish.
From a technical point of view, prices are still in a lateral mode, with a first resistance placed at $1,500, followed by another key level at $1,515. Vice versa, a fall below $1,470 would denote further weakness. Investors are clearly waiting a fresh catalyst which could come from the trade war or from central banks or to a lesser extent from Brexit.
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.