Gold Bullion Trading Outlook Week 36 see’s the precious metal being pulled in many directions. With GDP growth in the USA mixed with the continued dropping in value on many other secondary currencies, the market volatility has played to great advantage for the spot gold trading, seeing some fantastic profits being realised. MG Falconer Commodities Brokers Chief Trading Officer Rameen Alqaseer brings further analysis to the game.
General Market Analysis
With gold heading for its fifth consecutive monthly decline, analysts are looking at the U.S. dollar for direction, adding that the greenback has a solid hold over the precious metal’s prices. With the debate on whether bottoms are in for gold raging on, analysts remain hopeful that the yellow metal can see higher prices next week.
Wall Street and Main Street both look for gold prices to rally in the week after traders return to work from the long U.S. Labor Day weekend, 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. 29%, looked for gold to fall, while 22%, called for a sideways market.
Gold Technical Analysis
Our technical studies indicate strong 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 $1,215, with major resistance at $1,228.
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.