Economic reporting OK, but Gold says otherwise
After an outstanding week of pricing for Gold, many economists have been left quiet – relooking at numbers to discover what on earth caused pricing to explode over $100US within such a short space of time.
While we await more information, these times do eerily remind us of a period during the GFC where a strong US dollar suddenly started to unwind. Whether from design, or from market conditions – with the USD still in an extremely strong position worldwide we will at some point need to see it weaken to help stimulate their economy further.
Jobs data was revealed during the week giving us some insight into the strength of the US economy leading into Christmas.
Job openings were down almost 10% (9.4M down to 8.7M)
And jobless claims up to 222,000.
In pricing news that caught us by surprise, Oil dropped lower and is currently trading at US$74. While lower Oil prices may help keep some large businesses profitable in the short time, OPEC and other key industry bodies will be very keen to get this pricing back up sooner rather than later.
Next week we will have comment on the last US reporting for CPI and PPI for the year, until they reconvene early next year.
Enjoy today’s charts and technical forecast below.
Gold daily chart, with 200MDA
Silver, with 200MDA
US500, with 200MDA
Oil daily chart, 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) | Buy |
| STOCH(9,6) | Neutral |
| STOCHRSI(14) | Overbought |
| MACD(12,26) | Buy |
| ADX(14) | Buy |
| Williams %R | Buy |
| CCI(14) | Buy |
| ATR(14) | Less Volatility |
| Highs/Lows(14) | Buy |
| Ultimate Oscillator | Buy |
| 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.
