Gold need to hold this level

22 April, 2019

The gold price is now trading at its lowest level since the start of the year and is now consolidating around the $1275 mark and according to one analyst this level needs to be sustained or the precious metal could be in for further losses.

A resurgent US dollar has been a major factor in golds recent run of Bad luck and even a dovish US Federal Reserve, which has taken any further chances of a rate hike this year off the table has failed to curb investors’ appetite for the greenback

“The $1,280 level has to hold, and $1,280 could be $1,270, $1,285, somewhere in that area. That’s got to hold for a couple of days and do a little consolidating here. If that doesn’t hold, then we’re bringing $1,260 and $1,240 into play, but if we can hold here, then I would be willing to call this a bottom and I think we can go higher from here,” said Todd “Bubba” Horwitz, chief strategist at bubbatrading.com.

Mr Horwitz still thinks that gold will push higher on the back of a round of equity selling and global uncertainty such as the Brexit Drama that’s playing out in Europe and the ongoing trade wars between China and the US in which a deal still hasn’t been reached.

"I think that we have a very solid chance to get to $1,400. I think there's going to be some selling coming into the equities, I think there's going to be some nerves out there, and I think people are going to go back into the yellow metal," he said.


Source  
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