The Gold Bullion Trading Outlook Week 31, 2018 shows some renewed confidence and price movements. The past 2 weeks has seen some reasonable volatility presenting good day & spot trading positions that our traders have utilised to their full extent for our clients. While the overall trend has been down, this volatility has reaped fantastic profits to balance. There appears to be a good support line developing around the $1222 mark. Our Chief Trading Officer Rameen Alqaseer sees renewed opportunity for our established clients as well as new clients looking to execute an opening position with physical gold bullion. His weekly market analysis is below.
While gold continues to hover at the bottom end of its range near its recent 12-month lows, optimism is growing in the marketplace, as there are signs that the selling pressure is starting to wane. While gold is preparing to see its third week of consecutive losses, the market was not hit with a new wave of selling after U.S. economic data showed the economy expanding by 4.1% in the second quarter.
Wall Street and Main Street alike are nearly evenly split on whether gold prices have bottomed and will rise in the next week, based on the weekly as per the survey that was made between Wall Street and Main Street total of 41%, called for gold prices to rise over the next week. 38%, looked for gold to fall, while 21%, called for a sideways market.
Gold Technical Analysis
Our technical studies indicate strong support at $1,211. However, should that price point be breached, gold could trade as low as $1,200. The first resistance level occurs at $1,237, with major resistance at $1,265.
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.