Our Gold Bullion Trading Outlook Week 35 2018 has some good indications that after a considerable period in bear territory, the bulls are slowly gaining the technical side. We are still expecting the metals to hold around the first technical support price for a short period before boosting. MG Falconer Commodities Broker Chief Trading Officer Rameen Alqaseer provides yet again his analysis for the coming trading week.
Gold prices are solidly higher, near their daily highs and poised to produce a technically bullish weekly high close in afternoon trading Friday. The U.S. dollar index is solidly lower following comments from Federal Reserve Chairman Jerome Powell in Jackson Hole, Wyoming this morning. The Fed is not seeing risks of the U.S. economy overheating or of inflation accelerating above its target, Powell said.
Wall Street and Main Street both look for higher gold prices next week, while Wall Street leans bullish, as per the survey that was made between Wall Street and Main Street total of 49%, called for gold prices to rise over the next week. 26%, looked for gold to fall, while 25%, called for a sideways market.
Gold Market Technical
Our technical studies indicate support at $1,183. However, should that price point be breached again, gold could trade as low as $1,174 then $1,160. The first resistance level occurs at $1,209, with major resistance at $1,215.
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. Feel free to pass on this link to friends, family and colleagues who you know would love to learn more about the precious metal and our Gold Bullion Trading Outlook.