ActivTrades’ Market Analysts have prepared for Leaprate their daily commentary on traditional markets for June 21, 2019. See details below:
GOLD
Gold is consolidating after the bullish run seen earlier this week, which pushed price up to a fresh 5-year-high. The decline of the last few hours, from the peak of $1,410 to $1,390 could be seen as a physiologic correction after this strong rally, as there are good chances that prices will find a support between $1,375 and $1,380.
A new rebound above those levels and a new attack to the $1,400 area would confirm the bullish scenario, with some more interesting targets for the medium term, as the gold rush could continue in the next few months, particularly in this new scenario where central banks seems to be ready to cut rates, once again.
Carlo Alberto De Casa – Chief analyst, ActivTrades
OIL
The dovish view offered by both the ECB and the Federal Reserve generated a significant recovery in oil price, with WTI able to rally up to $57 in just 3 sessions. From a technical point of view the trend remains positive, with a natural target to the resistance area placed at $59/59,5.
Carlo Alberto De Casa – Chief analyst, ActivTrades