Markets Looking Tired as Bullion Softens and Australian Investors Pull Back

Australian investors continue to digest the Federal Budget and its proposed changes to capital gains tax, with confidence across both shares and property appearing noticeably weaker this week. The ASX200 has now slipped back below its 50-day moving average again, while US markets continue to look comparatively stronger, helped by ongoing optimism around technology and consumer spending.

For many Australian investors, the concern is no longer just about paying more tax. It’s the growing complexity surrounding investment structures, trusts, capital gains timing, and long-term retirement planning. Accountants and advisers are already warning that some families and small businesses could face significantly higher compliance costs over the coming years, particularly those relying on family trusts or asset-heavy investment strategies.

At the same time, there is a growing sense that Australian markets are struggling to find momentum. Higher interest rates, softer housing confidence, and fears around future taxation are beginning to weigh on local sentiment, while the US continues attracting capital despite its own inflation concerns. 

Gold and silver have also eased slightly this week as tensions between Iran and the United States temporarily cooled. With volatility easing, investors have been more willing to step back into risk-on assets like equities, reducing some of the urgency around safe-haven buying. 

That said, the pullback in precious metals still feels more like a cooling-off period than a major reversal. Gold remains historically elevated despite trading below earlier highs, and silver continues to hover around important technical support levels. Markets remain highly sensitive to any shift in oil supply, inflation expectations, or renewed geopolitical escalation, particularly around the Strait of Hormuz and broader Middle East energy logistics.

Gold Futures Technical Analysis  

Technical indicators for Gold Futures suggest a STRONG BUY on monthly analysis.  

Technical Indicators – Monthly Projections

Enjoy today’s charts 

Gold daily chart, with 50MDA

Silver daily chart, with 50MDA

US500, with 50MDA

ASX200, with 50MDA