Gold Bullion Trading Outlook Week 30 2018 is marked by a reasonable softening of the precious metal in price thanks in part to unfounded confidence in the US Dollar and the market digesting current global events between Russia and the United States. MG Falconer Commodities Broker Chief Trading Officer, Rameen Alqaseer has the following analysis for the spot gold market trading week ahead. Our Gold Bullion Trading Outlook is a free service for our clients, together with our daily market update.
Although gold is ending is second week in negative territory, the market is well off its one-year lows as the U.S. dollar bulls reacted to comments from President Donald Trump. Gold’s bounce started Thursday afternoon after Trump said, in an interview with CNBC, that he was “not thrilled” with rising interest rates as they are hurting economic growth.
While gold is seeing a healthy jump off its recent one-year low, it is noted that more work needs to be before the metal attracts more buying momentum. Gold needs to push above $1,250 an ounce before investors feel confident that the current downtrend has finished.
Main Street has joined Wall Street in calling for gold prices to move lower in the short term, as per the survey that was made between Wall Street and Main Street total of 35%, called for gold prices to rise over the next week. 50%, looked for gold to fall, while 15%, called for a sideways market.
Gold Technical Overview
Our technical studies indicate strong support at $1,211. However, should that price point be breached, gold could trade as low as $1,205 then $1180. The first resistance level occurs at $1,245, with major resistance at $1,267.
Our position remains as buy with regard to physical gold bullion. We are seeing a continued holding pattern where overall outlook is still firmly in the buyers court with good value building price ranges.
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 1 year low price levels such as this do not come around often. We welcome your call for further information and guidance.