Gold blast through $AU4000

At time of writing, gold is now $AU4025 and showing no signs of slowing down its upwards movement.

Silver is also starting to move, edging closer to $AU50 – currently at $AU47.47

So what caused bullion to step up yet again? 

Ongoing conflict in Ukraine and increased volatility through Israel and Lebanon are definitely adding to the importance of bullion in any portfolio. Following Israel’s Prime Minister Benjamin Netanyahu speech at a recent UN conference on the 27 September, conflict has dramatically increased in the region. A copy of this speech is included here. https://gadebate.un.org/sites/default/files/gastatements/79/il_fl.pdf The language used very clearly shows that Israel is definitely not taking a backward step in their positioning of the region. 

To the US and upcoming elections, Kamala Harris suffered a major interview calamity yesterday. Unable to answer any questions around policy or opinion she fell into attacking Donald Trump repeatedly. With most people tuning in to get a better understanding of Kamala and her policy, they were left wanting. Through a different lens, as the interview was held through the FOX network and clearly Trump focused – staunch Kamala followers saw a brave leader willing to stand and take a difficult situation as best she could. 

And of course, gold and silver continue to climb. Risk off assets are now the focus as sharemarkets potential volatility increases.

Enjoy today’s charts and forecast below.

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 STRONG BUY signal.

Technical indicators – Monthly Projections

 Summary for Monthly Forecast: Strong Buy

*Not financial advice, please DYOR prior to any investment decisions you make.