ASX plummets following US news
The ASX200 has fallen below its psychological floor of 7000 overnight, leading to the potential for more pain as stop-losses and downwards pressure gains steam.
On the back of continued hawkish sentiment from the US FED, perhaps the bullish feeling in sharemarkets has finally reached its peak and we’re all staring down the barrel of a bearish period.
Here’s the ASX200 chart, showing the sudden jolt downwards following the FED news.
And the US500 didn’t do much better, also sliding downwards.
Comparably Gold and Silver look stable, with Silver showing optimistic movement upwards especially as it looks to break through its 200MDA in the next day of trade.
Gold is acting a little slower, but is still printing higher-lows and following its 200MDA in an upwards attitude.
So while sharemarkets are showing signs of panic and utter exhaustion from continued or threatened rate hikes – precious metals are providing the safe haven they were designed for.
You’ll find today’s technical analysis and charting below for your reference.
Gold, with 200MDA
Silver, with 200MDA
Gold Futures Technical Analysis
Gold Futures monthly analysis continues to recommend a STRONG BUY with Weekly analysis a STRONG BUY signal.
Technical indicators – Monthly Projections
| RSI(14) | Neutral |
| STOCH(9,6) | Buy |
| STOCHRSI(14) | Buy |
| MACD(12,26) | Buy |
| ADX(14) | Buy |
| Williams %R | Buy |
| CCI(14) | Neutral |
| ATR(14) | Less Volatility |
| Highs/Lows(14) | Neutral |
| Ultimate Oscillator | Neutral |
| ROC | Buy |
| Bull/Bear Power(13) | Buy |
Summary for Monthly Forecast: STRONG BUY
Disclaimer
This news and any links provided are for general information only and should not be taken as constituting professional advice from Jaggards. Jaggards is not a financial adviser. We recommend you seek independent financial advice before making any financial decisions based on the information contained in this article.
