US indices edged higher overnight, but following this month’s strong advance, they do feel tired and in need of a few days’ rest before another leg higher into Christmas is likely. However, the current trend is up and this is not the seasonal time to be fighting bullish moves. The ongoing strength by the Dow & Co. is being fuelled by optimism that the Fed has finished raising rates, with Fed Governor Christopher Waller summing up the mood by saying that policy is “currently well positioned” to slow the economy and bring inflation back to 2%. The S&P500 enjoyed a +5.3% surge by dual listed Newmont (NEW US) and Synchrony Financial (SYF US) which advanced +4.8%.
- We continue to target at least fresh 2023 highs for the S&P500, now less than 2% higher.
MM remains cautiously bullish toward US equities into Christmas
Add To Hit List
We regularly mention gold as it follows our roadmap into 2024, with new all-time highs looking likely sooner rather than later – our best guess target area is $US2,300-2,400 but we’ll cross that bridge when we come to it. The picture for silver is a touch different to gold but it looks set to make fresh 2023 highs over the coming weeks/months, now less than 5% away.
- We are targeting a breakout by both gold and silver into 2024.
MM remains bullish towards precious metals into 2024
Add To Hit List
