As we open the Gold Bullion Trading Outlook Week 34 2018, gold prices seem to be finding a floor after the last 2 weeks of quite tumultuous trading. Despite classical price drivers such as falling global currency values, strengthening US Dollar against oil prices and other key factors, gold has seen its price lower to year low discount prices. As our Chief Trading Officer Rameen Alqaseer notes further in his analysis this week:
Make no mistake about it; this was a terrible week for those wishing to see gold prices move higher. In fact, gold prices lost almost 3% on the week – one of the most significant weekly drops in over a year. However, the last two trading days have provided an indication that gold pricing might, in fact, be finding some price support.
Global Market Overview
Main Street may be more bearish than ever on the direction of gold prices in the next week, while Wall Street leans bullish, as per the survey that was made between Wall Street and Main Street total of 38%, called for gold prices to rise over the next week. 55%, looked for gold to fall, while 7%, called for a sideways market.
Gold Technical Analysis
Our technical studies indicate strong support at $1,160. However, should that price point be breached, gold could trade as low as $1,145 then $1,124. The first resistance level occurs at $1,190, with major resistance at $1,208.
While we have been calling this for several weeks now, we are still strong on our buy position with regard to the precious metal. The last time we had the opportunity to purchase at such prices was over 12 months ago. With indicators such as pre-order and futures buys growing, these prices are not going to be around for much longer. A better time than now to increase your portfolio with some real strength – we can’t foresee one like this.
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.