Increased War Risk & CPI data ‘no surprise’
Yesterday the US FED released its latest CPI data for December. As we anticipated, Christmas spending bolstered the economy and of course pushed a jump up in monthly CPI (up 0.3% previous 0.1%).
This increase in CPI will of course give pause to the FED for dropping rates, as a higher CPI suggests a ‘hotter’ economy. It could well be possible that rates could actually increase early this year, especially if December’s CPI increases carries into January and February.
And meanwhile, tensions in the Red Sea worsened, with yet another attack from Yemen Houthi Rebels. 18 Drones, 2 cruise missiles, and anti-ship missiles were launched from Houthi controlled areas in Yemen on Tuesday evening. This attack comes following a very brief period of non-conflict. This was the 26th attack on commercial shipping since 19 November 2023.
With continued conflict in both Ukraine and also Palestine, 2024 is shaping up to be a very turbulent year.
Enjoy today’s charts and technical forecast below.
Gold daily chart, with 200MDA
Silver, 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) | Neutral |
STOCHRSI(14) | Buy |
MACD(12,26) | Buy |
ADX(14) | Buy |
Williams %R | Buy |
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
Disclaimer
This news and any links provided are for general information only and should not be taken as constituting professional advice from Jaggards. Jaggards is not a financial adviser. We recommend you seek independent financial advice before making any financial decisions based on the information contained in this article.