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US Consumer confidence plunges
US consumer confidence has plunged ahead of elections. Americans seem to have really woken up and realised the huge cost of living increases in this recent period. The current US consumer confidence gauge is measuring 98, well below the pre-pandemic average of 128. The metric suggests that Americans are anxious about the availability of jobs, business conditions, and future incomes. Something that we’ve all been aware of for quite some time.
Meanwhile, on Wall Street the bull market continues. On the release of lower interest rates from the FED, the US500 continues to pounce forwards – as expected.
But as we’ve discussed previously, we’re thinking that retail investors may have jumped the gun here. If ever there was a situation to overvalue a market based on looser monetary policy – this is it. Once institutional investors start putting more pressure on company earnings versus share pricing, this house of cards will surely show its true structure.
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.
