welcome back to our weekly update I'm Charlotte McLoud with investing news.com and I'm here to give you a quick look at our top stories for the [Music] week the gold price has cooled since making a new alltime high at the start of the week but it remained elevated ahead of the latest American non-farm payroll data and in the leadup to the US Federal reserve's next meeting which is set to run from December 12th to 13 for investors the key question right now is whether the yellow metal will continue


rising or make a retreat opinions vary but I heard recently from two experts who aren't so sure that gold is set to break higher at least in the near- term let's take a look at how David Morgan of the Morgan report explained it and I gave him the Morgan rule we set out a l why that the gold has to achieve that price above that price then it has to maintain it for 3 days in a row and it also needs to be on above average volume and if that occurs then we are about 80% assured that it is a


break so you know we'll see uh I lean toward unfortunately I think it's going to come down again uh but I could be wrong and Christoper Mulan of the technical traders.com takes a chart based approach and he sees 2089 as a key level for gold here's what he had to say when a trade is crowded meaning everyone is buying it or everyone is selling it everybody's doing the same thing it's typically an emotional um turning point in the market and of course we have seen since then gold has been selling off and


the volume keeps getting higher and higher in terms of the selling pressure so it is not a very bullish sign from a short-term standpoint for gold what's been going on so this really shows how a technical level when when broken triggers all kinds of orders and emotions for people to Pile in and have to do something and how the market has a way of kind of negating that move it's worth noting that while both David and Chris don't necessarily see gold Rising higher right now they're both bullish in


the long term I'll leave the links to the full interviews with both of them in the video description so you can check them out before we wrap up I want to take a quick look at uranium the sector continues to generate news at a quick pace and we're going to run through a few bullet points first the US House of Representatives is set to vote next week on legislation that would ban Imports of enriched uranium from Russia called the prohibiting Russian uranium Imports act it would bar Russian uranium Imports 90


days after enactment although it would allow a temporary waiver until January 2028 it will need a 2/3 majority to pass and we'll be watching closely to see what happens uranium has also been making headlines since cop 28 the un's climate change conference at the event over 20 countries announced what they're calling a global aspirational goal to Triple Global nuclear energy capacity by 2050 prices for Uranium have been rising on the back of growing demand and tight Supply and the cop 28 statement further


bolsters the industry's bullish Outlook finally uranium m&a activity heated up this week with AFA energy announcing a proposed acquisition of 93 energy and latitude uranium the company say the deal will create Canada's largest uranium exploration portfolio with exposure to three key uranium jurisdictions in the country the arrangement is subject to shareholder and other approvals and AA is planning to raise about 14 million in conjunction against that backdrop the uranium spot price remains above $80 per pound that's


all for this week if you like this video make sure you subscribe to our Channel we'd also love to hear your thoughts so leave us a comment below we'll see you next [Music] time