Oil continues to slide, Gold and Shares continue rally. Aussies told to stop getting haircuts.
Oil prices continue to ease, which in the short term will probably provide some relief at the petrol pumps for Aussies leading into Christmas. With slight delays from OPEC, oil investors are anticipating cuts to production to stimulate pricing. If production is cut, consumers could well expect Oil pricing to jump from around $US80 a barrel to $US90+ in the short term to early 2024.
RBA’s Governor Michele Bullock has taken centre stage this week, stating that Australia’s ongoing CPI / Inflation pain is party being caused by Aussies spending too much money going to the Dentist and getting haircuts. We’d comment that while reducing spend on health and beauty may help reducing inflation, we see a more direct issue of supply (or lack of) especially in the health sector. With an inability to even see many health specialists within a 6 month waiting period, patients are willing to spend any amount of money to get seen sooner, thus spinning the inflation wheel faster.
Meanwhile Gold is looking set to make a push through its $US2000 ceiling this coming week. Time will tell if it has sufficient strength to confidently move through this ceiling, or fall into a repeating pattern that keeps touching against $US2000 into the next few months.
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 | 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.