Powell dismisses another rate cut
FED chair Jerome Powell has dismissed hopes of a rate cut for the US leading into Christmas.
Claiming ‘the economy is not sending any signals that we need to hurry in lowering rates’, FED Powell is carefully dancing the fine line of monetary easing while managing volatility around inflation following the election of Donald Trump as President.
Markets reacted poorly to the news, with the US500 continuing its correction from recent all time high’s following the election.
Bitcoin also looks to have reached its top in recent gains, after pulling back from its all time high of $US93,400. With almost all risk-on assets celebrating a Trump victory, it seems now that the celebration is finished the hard work to solve fiscal policy and inflation is back on the table.
Gold and Silver have suffered a horrible week of pricing following the election, though both metals are still trading above their 200MDA. As risk-on assets start to lose their shine, we’d like to see bullion start to pick up again in the coming week.
Enjoy today’s forecasts.
Gold daily chart, with 200MDA
Silver daily chart, with 200MDA
US500, with 200MDA
ASX200, with 200MDA
Gold Futures Technical Analysis
Gold Futures monthly analysis continues to recommend a STRONG BUY with Weekly analysis a Neutral signal.
Technical indicators – Monthly Projections
| RSI(14) | Buy |
| STOCH(9,6) | Buy |
| STOCHRSI(14) | Neutral |
| MACD(12,26) | Buy |
| ADX(14) | Buy |
| Williams %R | Buy |
| CCI(14) | Buy |
| ATR(14) | High Volatility |
| Highs/Lows(14) | Buy |
| Ultimate Oscillator | Buy |
| ROC | Buy |
| Bull/Bear Power(13) | Buy |
Summary for Monthly forecast: Strong Buy
*Not financial advice, please DYOR prior to any investment decisions you make.
