Gold Bullion Trading Outlook Week 38 has taken a somewhat flatter range than what we are used to seeing. With much focus on the US Federal Reserve and its, many analysts are looking for any sign that may resemble guidance. Our Chief Trading Officer, Rameen Alqaseer sheds some more light at the technical end of the trading spectrum.
Investors who are waiting for a breakout move in gold might want to take a break next week and watch paint dry instead since that might be more exciting, according to some commodity analysts.
Gold has been stuck around the $1,200-an-ounce level for the last four weeks and since the next Federal Reserve monetary policy meeting is still one and one-half weeks away, analysts are not expecting to see any significant move in the near term.
General Market Analysis
Wall Street and Main Street both look for gold to build on its gains next week, as per the survey that was made between Wall Street and Main Street total of 55%, called for gold prices to rise over the next week. 20%, looked for gold to fall, while 25%, 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 $1,209, with major resistance at $1,215.
Upon careful consideration of current market conditions and the prices these have bought with them, we are have upgraded our stance to Strong Buy with regard to physical gold bullion. Our clients have also been enjoying some good returns over the last month thanks to some large whipsaw movements in the daily trading patterns.
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.