
The global macroeconomic backdrop shifted notably in the week ending 28 November 2025, fuelling a renewed "risk-on" sentiment that propelled a decisive recovery in Australian equities. In the United States, softening labour market indicators—specifically an acceleration in weekly ADP job losses—combined with a cooler-than-expected Core PPI reading and dovish commentary from Federal Reserve officials, led to a sharp repricing of interest rate expectations, with markets now pricing in an ~85% probability of a December cut. This pivot abroad overshadowed sticky domestic inflation data, allowing interest-rate-sensitive growth sectors to lead the S&P/ASX 200 higher, even as uncertainty persists around the Reserve Bank of Australia’s policy path.

Australia is increasingly important in the global REE supply chain as countries seek alternatives to China’s dominance. Key companies on the Australian Securities Exchange (ASX) are standing out thanks to substantial deposits, processing capability, and strategic supply-chain links. Leading the pack is Lynas Rare Earths Ltd (ASX: LYC), which mines the high-grade Mount Weld deposit in WA, has processing facilities outside China and is among the few globally capable of turning ore into refined products. Australia has the raw materials; the companies that control both the mines and the processing stand to benefit most.

In the current markets, even major players listed on the S&P/ASX 200 aren’t immune to caution flags on the charts. In this article, we'll examine three ASX-listed stocks whose price action suggests further downside may be ahead. We’ll look beyond the fundamentals and focus on technical signals: breakdowns below key moving averages, chart patterns like lower highs or descending triangles, and weakening momentum indicators.

The global macroeconomic backdrop shifted notably in the week ending 23 November 2025, contributing to a significant risk-off sentiment that heavily impacted Australian equities. In the United States, a mixed labour market report showing rising unemployment alongside stronger-than-expected job additions, combined with firm Services PMI data and Federal Reserve minutes signalling a delay in rate cuts, led to a repricing of interest rate expectations.

Global markets rallied on hopes of a resolution to the U.S. government shutdown, though the Fed's caution dampened expectations for a December rate cut. In Australia, robust employment data and a resilient labour market have reduced near-term expectations of an RBA rate cut. The ASX posted its weakest week in four months amid sector rotation and global tech selloffs.

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