Portworkers strike averted, Stockmarket lower and Iran in the crosshairs
US port workers have begun negotiations and agreed to continue working while resolving pay disputes. Unions have stated strikes will be stalled until Jan 15, 2025, to allow a decent period to discuss worker based issues. US ports and international ports have welcomed this news, as they prepare for increased holiday season distribution of goods.
Iran has become more in focus while Israel continues to attack Lebanese / Hezbollah military targets. Hezbollah is an Iran backed Shia military, that was formed in 1982 following a previous Israeli invasion of Lebanon. Tension in the region continues to peak with over 1 Million Lebanese people now displaced, almost a fifth of the total population.
And the US share market has stumbled a little and is looking to follow an established pattern – moving downwards over the next 2 weeks. We’ll see if geopolitical conflict and election based news will put more downward pressure on the market during this period.
Gold is sitting steady, currently at $US2656 at the time of writing.
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.
