Our Gold Bullion Trading Outlook Week 33 2018 comes in on continued turmoil from Turkey and the sharp downturn of the Lira, the United States continuing its strange ways of tariff imposition and a cooling global stock market have all seen large sell-offs across most asset classes – including gold. Our Chief Trading Officer Rameen Alqaseer once again has his study and outlook at hand for you to better decide to enter a gold position now.
In unrelated news, Kalor Limited founder and Director Nik Summers and his wife welcomed the arrival of their first child – a baby boy keeping them busy for the time being!
Wall Street traders and analysts cited expectations for some kind of bounce from recent weakness, with worries about Turkey leading to potential safe-haven buying.
Shares of European banks with exposure to Turkey sold off sharply Friday, and weakness in the country’s currency intensified. There are worries about President Erdogan’s influence on monetary policy worsening relations with the U.S. There are also concerns whether indebted companies in Turkey will be able to pay back loans taken out in euros and dollars during heavy borrowing to fund a construction boom.
The largest voting blocs on both Wall Street and Main Street look for the price of gold to rise next week, as per the survey that was made between Wall Street and Main Street total of 56%, called for gold prices to rise over the next week. 30%, looked for gold to fall, while 14%, called for a sideways market.
Our technical studies indicate strong support at $1,204. However, should that price point be breached, gold could trade as low as $1,200 then 1170+. The first resistance level occurs at $1,227, with major resistance at $1,238.
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.