A Golden Christmas

What a year!

Gold’s journey started at $US1800 on Jan 1st this year and has moved from strength to strength, and currently selling for $US2040 (or $AU3009). 

2023 has broken hearts with ongoing War and an ever growing tirade of interest rates and cost of living expenses. Our Aussie dollar plummeted to some of the lowest values seen since 2008 and the ASX has bounced between a range of 6700 and 7600 throughout the year.

But we all kept our heads high. 

If you were lucky enough to purchase or hold bullion at the start of the year, congratulations!

Looking forward, it will be interesting to see both Gold and Silver having more upwards momentum. The short sharp upwards spike we experienced on the 4th December could be a clear indicator of where pricing should be in the coming months.

And as more and more inflation data continues to come to light in the coming months, Bullion holders will keep feeling safe in the knowledge that their investment will protect them from market fluctuations.

With the US announcing that rate cuts are definitely on the table next year, we’re feeling certain that this suggests a weakness in the economy that can only be fixed with easing monetary policy. Whether the US will avoid a recessive period, only time will tell.

Enjoy today’s charts and technical forecast below, and we’ll catch you early next year. 

Gold daily chart, with 200MDA

Silver, with 200MDA

US500, with 200MDA

ASX200 daily chart, 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

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.