Markets are bracing today as all eyes turn to FED Chair Jerome Powell, who is expected to give some clarity on whether another interest rate cut is on the cards. Traders are already positioning ahead of the speech, and the flow-on effects could be felt across equities, currencies, and commodities.

Oil and gold are both sending signals of caution to stockmarkets. The US500 and ASX200 continue to hold strong in their bull runs, but the question on many traders’ minds is: how much longer can this momentum last?

In surprising news, the ASX200 just punched through its psychological ceiling of 9000, prompting even more questions.

Economic data isn’t offering much comfort. The Philadelphia manufacturing survey badly missed estimates, coming in at -0.3 against an expected 7. At the same time, US leading economic indicators printed -0.1, confirming a consecutive period of negative growth. Together, these figures suggest underlying weakness even as markets continue to rally on rate cut optimism.

Meanwhile, gold remains steady, consolidating within its familiar daily trading pattern. Traders are watching closely for the next breakout move, with sentiment still split on whether the next leg is higher or lower.

Enjoy the weekend, remember to do your own research before investing and we’ll catch you next week with more news.

Market Snapshot

Gold – $AU5199
Silver – $AU59.53
US500 – 6376
ASX200 – 9004
AUD/USD – 0.6427

Gold Futures Technical Analysis

Technical indicators for Gold Futures suggest a STRONG BUY on both monthly and weekly analyses.

Technical Indicators – Monthly Projections

RSI(14)	Overbought
STOCH(9,6)	Buy
STOCHRSI(14)	Overbought
MACD(12,26)	Buy
ADX(14)	Overbought
Williams %R	Overbought
CCI(14)	Buy
ATR(14)	High Volatility
Highs/Lows(14)	Buy
Ultimate Oscillator	Buy
ROC	Buy
Bull/Bear Power(13)	Buy