Gold hits next milestone and begins to consolidate.

As we predicted Wednesday, ‘Gold aiming for next ceiling, $US2050’. Well within 2 days, this ceiling had been hit - and now Gold looks to be consolidating and hoping to find footing around $US2035-2040. 

From the US, new home sales dropped dramatically in October, losing 5.6% on its previous month. Importantly, from the data we can see that actual house pricing of successful sales has reduced as well. People looking to buy, are spending less. Currently average home sale pricing is down 17% for the year. It doesn’t take a mathematics genius to see where pricing will go if this trend continues. 

Oil is continuing its haphazard trajectory, bouncing between $US80-82 per barrel. We’ve included an Oil chart today, to show the huge upside swing potential in the coming months. With pressure from OPEC and ongoing Wars - the recovery for Oil could be swift (and a bit painful). As Oil affects the production costs of Gold and Silver, the flow on effect for both precious metals could be very positive.

Enjoy today’s charts and technical forecast below.

 Oil daily chart, with 200MDA

Gold daily chart, with 200MDA

Silver, with 200MDA

US500, 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)

Neutral

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


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.


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