Weekly Gold Technical Analysis: Share Markets Continue a Downward Trend on the Back of Another Rate Rise

24 March 2023

The FED announced yet another rate rise on Wednesday this week, lifting the base rate from 4.75% to 5%; the highest in nearly 16 years.

On the back of multiple bank failures, declining manufacturing data and a plethora of other declining metrics the share market responded accordingly.

A bit over a year ago the SP500 was sitting at 4700, it is now 3941 at approximately 18% loss.

As expected, Gold and Silver surged, with Gold pushing ever closer to its all time high (ATH is US2074) and is currently sitting at US$1993 as of writing.

Silver also jumped and pushed back through its moving average and is currently priced at US$23.09.

All signs are looking positive for continued price growth for both gold and silver.

With the big news of interest rates rising yet again this week, next week looks reasonably quiet for news. The only interesting item on the agenda next Tuesday is US consumer confidence, GDP and jobless claims. With the FED determined to continue raising rates through 2023, we’d expect to start seeing a drop in consumer confidence in the next period.

Gold Technical Analysis

Gold continues to recommend a STRONG BUY over a weekly basis.

Again, every single indicator and moving average (bar STOCH 9,6) returned this very positive outlook for Gold.

We’ve included a daily and weekly chart, showing Gold, its 200MA and RSI. RSI looks to be holding strongly around 70.

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.