Daily market commentary: Gold rebounds to $1,500


Daily Market News

ActivTrades’ Market Analysts have prepared for LeapRate their daily commentary on traditional markets for October 3, 2019. See details below:


GOLD

Gold rebounded to $1,500 on the back of new trade tension. The new US tariffs against the EU generated a sell off on the stock market and bullion found strength as investors were moving once again towards safe haven assets. The short-term trend remains mixed, while the medium-long term is still positive for bullion. The strength of the rebound seen in the last 48 hours is significative, confirming that investors are still seeing any correction in gold prices as a good chance to add more bullion to their portfolio. From a technical point of view, the next few days will be crucial for understanding the strength of this rebound and if bullion can hold $1,500.

Carlo Alberto De Casa – Chief Analyst, ActivTrades

EUROPEAN SHARES

While the German market is closed for a national holiday the European stock markets are trying to stabilize after the sharp sell-off of Wednesday. Investors are fearing further tariffs and a slowdown of economic growth, while central banks seem to be short of instruments to prevent further economic disruption. The attempts of stabilisation seen this morning could mean that markets have digested news about WTO and weak macro data seen in the last few days. From a technical point of view, the CAC 40 is trying to hold the important support placed at $5,420/5,430, while the Italian FTSE Mib is on a similar position, just above 21,300.

Carlo Alberto De Casa – Chief Analyst, ActivTrades

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Daily market commentary: Gold rebounds to $1,500

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