Mass firings in US precursor for things to come
Unemployment filings in the US haven’t yet jumped up in the US, despite nearly 65,000 accepting a buyout offer within the past week. On top of people accepting buyout offers, thousands of people are simply being told to ‘not come back to work’. In one of the largest Government layoffs in history, many economists are again left scratching their heads figuring out what this could mean to the economy overall.
To see the enormity of the buyout process, President Trump currently has buyout offers to an extent where if just 10% of the Government workforce accepts the offer, almost 200,000 people will no longer be working.
And while currently the US is leading the way for massive cuts to their Gov workforce, knowing how the Western world loves to emulate the United States we could well be looking to similar cuts here in Australia.
Back to Gold. Current figures for average annualised return show Gold hit 42.8%. While a massive year for gold, looking back over the last 20 years, Gold has a total return of 735%. What an amazing return on a timeless product.
Enjoy today’s charts and technical forecast.
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
| RSI(14) | Overbought |
| STOCH(9,6) | Buy |
| STOCHRSI(14) | Overbought |
| MACD(12,26) | Buy |
| ADX(14) | Buy |
| Williams %R | Overbought |
| CCI(14) | Buy |
| ATR(14) | High Volatility |
| Highs/Lows(14) | Buy |
| Ultimate Oscillator | Buy |
| ROC | Buy |
| Bull/Bear Power(13) | Buy |
Summary for Monthly forecast: Strong Buy
*Not financial advice, please DYOR prior to any investment decisions you make.
