Silver punches through $100 but ASX200 looking weak

US inflation data gave markets a bit of breathing room overnight, with the November CPI print coming in lower than expected. Headline CPI landed at 2.7%, while year-on-year inflation eased to 2.6%, both undershooting forecasts. It’s another signal that inflationary pressure in the US continues to cool, even if it’s doing so slowly and unevenly.

At the same time, cracks are appearing in the US labour market. Unemployment has now climbed to 4.6%, the highest level seen in four years. While still not alarming in absolute terms, the direction matters. A softening jobs market combined with easing inflation keeps the Federal Reserve on alert, particularly if employment conditions deteriorate further into early 2026.

The contrast with Australia is becoming harder to ignore. While the US has managed to keep CPI broadly contained within the 2–3% target band, Australia continues to struggle with sticky inflation. Domestic cost pressures, housing, services inflation and wage dynamics remain stubborn. As a result, Aussie banks are already bracing for the possibility of further rate increases in 2026, even as other major economies lean toward easing. It’s not a comfortable position for households or businesses heading into the new year.

Closer to home, the ASX200 is starting to look vulnerable. The index is facing heavy pressure around its 50-day moving average, with recent price action suggesting downside risk is building. If that level fails to hold, we could see further weakness flow through into early January trading.

In precious metals, silver continues to steal the spotlight. The metal briefly punched through the AUD$100 mark before pulling back slightly, currently sitting around AUD$99.15 at the time of writing. Even with the minor retracement, the broader trend remains firmly intact, and silver’s momentum continues to outpace gold.

That wraps things up for today. Merry Christmas to all Jaggards readers, and thank you for being with us throughout the year. 

Always do your own research before making any investment decisions.

Enjoy today’s charts.

Gold Futures Technical Analysis  

Technical indicators for Gold Futures suggest a STRONG BUY on both monthly and weekly analyses.  

Technical Indicators – Monthly Projections  

Gold daily chart, with 50MDA

Silver daily chart, with 50MDA

US500, with 50MDA

ASX200, with 50MDA

Thanks for reading – and always do your own research before making any investment decisions.