Volatility seems to have disappeared on gold, with bullion in a lateral mode. The big rally seen in the first part of the year is now on hold, while stock markets are still in a risk-on environment. Investors, after switching to gold some of their portfolio in the last few months, are now waiting for new market movers, potentially from developments in the trade war and from the monetary policy that will be put in place by the Fed and the ECB. Brexit impact on bullion seems to be reduced.
From a technical point of view, we will have a first positive signal with a new recovery to $1,500, while the first support is now placed at $1,477, which is the bottom reached last week, followed by $1,460.
