Gold Bullion Trading Outlook Week 39 shows the past week has seen plenty of fence sitting from both sellers and buyers alike. Despite the current neutrality of the market, traders can still keep the engines ticking with some smaller quick-strike trades. Chief Trading Officer Rameen Alqaseer has taken a technical look at the coming week for you in this weeks’ Gold Bullion Trading Outlook Week 39, 2018.
Global Market Analysis
In what has been a familiar theme for the gold market, its next trend could be determined in a single day next week, depending on what the Federal Reserve says on future monetary policy.
The gold market has been stuck in neutral around the critical psychological level at $1,200 an ounce for the last five weeks ahead of an all-but-guaranteed 25 basis-point interest rate hike.
Wall Street and Main Street both look for gold prices to rise next week, as per the survey that was made between Wall Street and Main Street total of 64%, called for gold prices to rise over the next week. 20%, looked for gold to fall, while 16%, 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 $1,210, 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.