The Gold market has bounced as a result of the US Fed holding off on an interest rate hike.
The Gold market has been driven lower all week as we approach the FMOC next week which has possible signs of a rate hike.
The Gold market may be pressured by the strong US Dollar and the upcoming potential rate hike.
The Gold chart is showing a compelling formation. There appears to be a double bottom giving the December Gold support at around 1117.00.
Could this be the time to buy Gold? Technically, there is a consolidation and oversold conditions. The Gold (December) may be in a potential bullish pattern.
The Gold market has all the characteristics of a potential breakout, yet it could be short-lived in light of the Fed’s affinity for speaking about the economy.
Attempting to foresee the world economic outlook for the future may be difficult, yet we can utilize knowledge of past events and economic conditions to anticipate potential scenarios.
This week has seen volatility in oil prices as a result of positive forecasts in global demand followed by an unexpected increase in supply.
Senior Broker Drew Wilkins reviews the April 9th 2015 WASDE report.
Though a global glut still holds sway in the market’s ongoing fall, conflict in the Middle East has been making its mark.