3 drive pattern forex converter
While the breakout may not be on the horizon in the short-term, many analysts think that it is only a matter of 3 drive pattern forex converter and instead of giving up, many analysts see a drop back to the lower end of its current trading range. 1,350 an ounce even after last week’s rally, which saw the best weekly gains in nearly two years.
This week the gold market has given almost half of those gains. After hitting a three-week high, the silver market also ended up giving back all of its gains from the previous week. Bill Baruch, president of Blue Line futures, said that he still sees the potential for gold even after its latest rally has fizzled out. He added that investors need to stop getting lost in the small corrections and focus on the overall trend. The more ground gold can hold the better it will do when the U. Jasper Lawler, head of market research at London Capital Group, said that the gold market is just biding its time, waiting for the spark that will ignite a new rally. He added that although the gold market is unable to break out, prices continue to consolidate in a higher range.
When we see more sustained weakness in equities that will be gold’s time to shine. While gold investors might think they are suffering alone, Colin Cieszynski, chief market strategist at SIA Wealth Management said that it looks like all markets are in a holding pattern at the moment. He noted that equity markets are churning as much as gold. Cieszynski added that in currency markets, the euro, pound, yen and U. S dollar, are all stuck in a range. Investors are just waiting around to get more information. For the gold market, we see economic growth with no inflation and geopolitical tensions are starting to ease, but volatility in markets continues to provide important support.
The market could get some direction next week as markets wait for the release of March’s employment report. Lawler said that markets will be sensitive to any correction in the employment data after more than 300,000 jobs were created in February. Analysts continue to warn that gold investors need to be patient and pick their buying opportunities carefully. 1,300 an ounce to provide some downside protection. Baruch is also looking to buy gold on price drops and likes hedging his position with put options. Streible added that even though gold is unable to break its current channel, it is a better investment than equity markets. While increased volatility and weaker equity markets will continue to support gold, Maxwell Gold, head of investment research at ETF Securities, said in a recent interview with Kitco News, that the market needs to see a reassurance in physical demand.
Physical demand helps to provide ceiling and a floor for the market. While markets will be waiting for Friday’s government employment report, there will be enough data released through the week to keep investors engaged. Major economic reports that will be released this week include manufacturing and service-sector sentiment data from the Institute for Supply Management. Markets will also get private sector employment data from private payrolls processor ADP.