2024 kicks off with continued momentum. FED data coming due to direct the swing.

10 January, 2024
As at 9am, AEST.

Spot pricing for Gold $AU3039

Spot pricing for Silver $AU34.47

Spot pricing for Platinum $AU1411

Welcome to the New Year! Here’s hoping you’ve enjoyed some rest with family and friends.

With both sharemarkets and bullion markets eagerly awaiting tomorrow’s CPI data before pushing onwards(up or down), we’re also looking closely at when the FED will actually announce a reduction in rates. Late last year, the FED hinted at multiple reductions through 2024, which immediately bolstered the sharemarket and gave consumers a little more confidence approaching Christmas. Now with the holiday period in our rear vision mirror - we await the results. 

Did consumers spend more than they had through the holiday period?

Did consumer spend push inflation higher?

Did consumers not spend enough, and will the economy falter?

Answers to these questions will likely determine how quickly the FED reduces rates. We’re thinking that if GDP contracts to start the year, we’ll see rate reductions sooner rather than later to help stimulate the economy. 

Gold still remains above its $US2000 position and has consolidated enough over the past month to seriously consider its next leg up. And Oil continues to languish, with much upside potential - especially from pressure in both Ukraine and Palestine. 

As with the start to every year, there is a lot of energy around decision making. But as we’ve learnt over the years, it is best to have great data and information in front of you, before making any big decisions. We’ll have more information this Friday from the US. 

Enjoy todays charts (especially Gold’s pattern).

Gold daily, with 200MDA

Silver daily, with 200MDA

US500 Daily, with 200MDA

ASX200 Daily, with 200MDA

Oil Daily, with 200MDA