US stock market correction underway
Some of the year’s biggest ‘easy trades’ are coming undone. Everyone going long TECH through either semiconductor or AI focused businesses are now crossing their fingers this correction doesn’t extend further.
And many are predicting that if Trump wins the upcoming presidential election, inflation could well rear its ugly head yet again. After many years of fighting inflation, consumers have suffered the most – just hinting at an inflationary future puts many people on edge.
Gold and Silver also corrected following the lead from sharemarkets. Golds weekly position moved from $US2482 to $US2354 and now sits at $US2387. Silver moved from $US31.42 to $US27.35 and sits now at $US29.91.
With heat coming off in both equities and precious metals, investors began looking outwards towards cryptocurrency late in the week and we saw a quick bounce up for Bitcoin – but even this is look lack-lustre and doesn’t look to be sustainable.
While precious metals may have had a poor week, as we show in today’s charts – both metals are still above their 200MDA and positioned well to recover from their recent setbacks.
Enjoy today’s charts and forecast below
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.
