Gold hits next milestone and begins to consolidate
As we predicted Wednesday, ‘Gold aiming for next ceiling, $US2050’. Well within 2 days, this ceiling had been hit – and now Gold looks to be consolidating and hoping to find footing around $US2035-2040.
From the US, new home sales dropped dramatically in October, losing 5.6% on its previous month. Importantly, from the data we can see that actual house pricing of successful sales has reduced as well. People looking to buy, are spending less. Currently average home sale pricing is down 17% for the year. It doesn’t take a mathematics genius to see where pricing will go if this trend continues.
Oil is continuing its haphazard trajectory, bouncing between $US80-82 per barrel. We’ve included an Oil chart today, to show the huge upside swing potential in the coming months. With pressure from OPEC and ongoing Wars – the recovery for Oil could be swift (and a bit painful). As Oil affects the production costs of Gold and Silver, the flow on effect for both precious metals could be very positive.
Enjoy today’s charts and technical forecast below.
Oil daily chart, with 200MDA
Gold daily chart, with 200MDA
Silver, with 200MDA
US500, 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) | Buy |
| STOCHRSI(14) | Overbought |
| MACD(12,26) | Buy |
| ADX(14) | Neutral |
| Williams %R | Overbought |
| 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.
