Weekly Gold Price Technical Analysis: US productivity falls sharply, and Gold and Silver continue upwards

Yesterday the US reported a sharp downward fall for their productivity indicator, measured at -2.7% for the quarter.

These figures, on the back of yet another interest rate rise by the FED/RBA and continued trouble by failing banks, have now squarely placed the US economy in a precarious position.

With productivity down, and the accumulative effect of 10 consecutive rate rises yet to fully reach mortgage holders; no one was surprised to see gold and silver again surge upwards.

The US and Australian share markets predictably dipped, and both look to be fulfilling classic head and shoulders patterns. RSI on both also looks weak on weekly charts.

The US500 currently sitting at 4075 (down from 4183) and the ASX200 sitting at 7193 (down from 7371).

We’ve again included these head and shoulders charts for you today for both share markets.

AUS200 Index

US500 Index

As mentioned, Gold and Silver during the week surged. Gold is currently US$2051, up from US$1980 for the week. And Silver also gained greatly, currently at US$26.08 up from US$24.64 for the week. More and more investors are leaving the share market and obviously resting funds in precious metals.

Gold Technical Analysis

Gold Futures weekly and monthly analysis continues to recommend a STRONG BUY 

Disclaimer

Please note that past performance does not guarantee future results. 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.