Daily market commentary: Gold jumps to a fresh 6-year-high


Daily Market News

ActivTrades’ Market Analysts have prepared for LeapRate their daily commentary on traditional markets for August 26, 2019. See details below:


GOLD

Gold has jumped to a fresh 6-year-high of $1,555 in the first few hours of this week, before settling around to $1,530. This new bullish rally is confirming the huge appeal of bullion and the positive environment for the precious metal environment, as investors are betting on further trade tensions between the US and China, while central banks will probably be forced to be dovish in order to mitigate the economic risks coming from trade war and the possible slowdown of the global economy.

From a technical point of view, gold is now just above the former resistance (and now support level) of $1,530, with a new resistance placed at $1,555. The first support levels are quite far down at $1,500 and $1,475.

Carlo Alberto De Casa – Chief Analyst, ActivTrades

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Daily market commentary: Gold jumps to a fresh 6-year-high

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