US Election considering Biden a ‘No Show’
Political uncertainty is playing a role in this week’s stock market positioning as Wall Street considers the possibility that current US President Joe Biden will exit the race in retaining his presidency.
The Dow Jones and SP500 both fell Thursday on election uncertainty, with Tech stocks leading the drop.
‘This selloff is well overdue’ said Peter Cardillo, chief market economist at Spartan Capital.
Meanwhile Gold enjoyed a magical week and is now sitting well above its 200MDA, looking strong and potentially ready to rally again at a moments notice. With conflict continuing in multiple locations worldwide, an overvalued sharemarket and a US Presidential election coming up; Gold is proving its worth during these uncertain times.
Silver however is somewhat lagging by comparison. Silver bugs continue to scratch their heads, as they await the GSR to correct itself to a realistic average or simply start to catchup to Gold’s blazing rally. In previous cycles, Silver reached $US50 per ounce (2011) just as Gold hit $US1913 (2011). By comparison as Gold now hits $US2500 (2024) we’d expect Silver to have a little more shine than it currently does, currently sitting around US$30. Time will tell if Silver is ready to be catapulted into the stratosphere trying to catch up.
Enjoy today’s charts and 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) | Buy |
| STOCH(9,6) | Buy |
| STOCHRSI(14) | Overbought |
| MACD(12,26) | Buy |
| ADX(14) | Buy |
| Williams %R | Overbought |
| CCI(14) | Buy |
| ATR(14) | Less 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.
