Gold is moving on the emotional reaction that followed the ECB conference and the announcement of a new QE by Mario Draghi. His bazooka pushed bullion up to $1,524, but the rally did not last too long: while the euro was recovering, gold price started to lose some ground, with an unusual correlation: gold fell while the euro was appreciating against the dollar.
In just couple of hours however, gold was once again ready for another test to level $1,500. We are still in the lateral trading range of $1,477 – 1,433, marked by the lowest and the highest of the August 13 chart.
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.