Silver Surges, Recession Warnings Mount, and Tesla Tumbles

Silver led the charge overnight, rallying aggressively as the US dollar weakened further against a basket of global currencies. The jump reinforces a growing trend of investors hedging against economic uncertainty with precious metals. Gold also remained strong, but it was silver’s sharp upward move that caught the market’s attention.

In Australia, quarterly growth data released this week has raised fresh concerns about the health of the economy. Growth came in flat, and when adjusted for population increases, the per capita GDP slipped again - marking the third consecutive quarterly fall. While technically not a recession yet, economists say this is a clear sign the country is "recession adjacent."

In US corporate news, Tesla continues its slide, shedding almost $200 billion in market capitalisation in the wake of pulling away from his Governmental role. Investors appear increasingly wary of Elon Musk’s shifting strategies, with the stock underperforming its peers as sentiment sours.

Finally, revised US productivity figures show a steeper-than-expected drop, now sitting at - 1.5% for the quarter. The adjustment comes as a blow to earlier optimism, suggesting that labour efficiency is slipping just as employers face pressure from rising wages and operating costs.

 Market Snapshot

• Gold – $AU5163
• Silver – $AU55.02
• US500 – 5938
• ASX200 – 8533
• AUD/USD – 0.65

Gold Futures Technical Analysis  

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

Technical Indicators - Monthly Projections  

Summary for Monthly Forecast: Strong Buy  

Charts today

As the market continues to show volatility, we’re starting to look closer at charts, and are now showing a 50MDA (red line).
 Today, you’ll be able to see the explosive movement for Silver.

Gold Daily, with 50MDA

Silver Daily, with 50MDA

US500 Daily, with 50MDA

ASX200 Daily, with 50MDA