Gold Bullion Trading Outlook Week 29 begins with the precious metal testing some new support price levels and still being reasonably range bound. Chief Trading Officer from our esteemed network professional partners MG Falconer Commodities Broker Rameen Alqaseer has again been keeping a very keen eye on current trends and has the his analysis ready for you in this weeks Gold Bullion Trading Outlook Week 29 2018.
GOLD did breach that price point when it traded to a low of $1,236.20. The support level was created back in December and January when pricing reached those lows. From there, prices stabilized and in mid-December began a rally, which would take gold over $130 higher to $1,365. Even with the U.S. dollar trading off of the highs achieved today, and posting a daily decline, gold was unable to sustain any price gains
Wall Street looks for the recent slide in gold prices to continue, while the largest block of Main Street voters is bullish, as per the survey that was made between Wall Street and Main Street total of 33%, called for gold prices to rise over the next week. 52%, looked for gold to fall, while 15%, called for a sideways market.
Gold Technical Analysis
Our technical studies indicate strong support at $1,236. However, should that price point be breached, gold could trade as low as $1,220. The first resistance level occurs at $1,267, with major resistance at $1,307.
Such conditions are seen by the true bargain hunters amongst us as a not too common opportunity to add or start a position in physical gold bullion. Given current market factors and an ever increasing industrial demand for gold in everyday electronics – the surety of gold is strong.
When you’re ready to learn more about how gold bullion makes a smart addition to your investment portfolio, please contact us simply with a click here. To lean more about our Gold Bullion network professionals at MG Falconer Commodities Broker, please click here. We live what we love and live to share that with you. Current market conditions won’t last much longer. Opportunity to purchase at half year low price levels such as this do not come around often. We welcome your call for further information and guidance.