Today Michael Oliver, the man who is well known for his deadly accurate forecasts on stocks, bonds, and major markets, communicated to King World News regarding the current setup in the gold market.
GOLD: Intermediate-trend momentum
August 8 (King World News) – Michael Oliver, Founder of MSA Research: Instead of plotting weekly bars vs. the 10 -wk. avg., here we use the 50-day avg. and plot daily action for better clarity.
The momentum channel begins once the peak oscillator close occurs (circled). Then we plot through the low closes after that (up arrows), and then we plot the channel top at the same angle of descent through closes during the decline (down arrows). Action emerged above that channel in early July.
The zero line/50-day avg. is not technically or structurally important. An upside breakout occurred well below that zero line, just as the upper range broke down well above the zero line.
Last week’s pullback approached momentum chart levels of the upside breakout in early July. The next positive sign in this now emerged situation will be a daily close above the multiple peak oscillator closes that occurred in July, all three were just short of $20 over the zero line. For Monday that would require a daily close at $1969.20. Adjust that next positive signal level down by .70 each day. Achieve that and we’d expect price to advance again back up to and over the $2000 level…
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And it’s obvious that price chart sellers have been selling just below $2000 from mid-May to the present. How much money have they made during those three constant months of selling? Do you think they’ll be uncomfortable if price were to return to their line in the sand?
You might find this bit of micro-analysis input to be interesting too. As the S&P 500 collapsed dramatically on Friday, much of it in the last few hours, gold held its rebound of $22 off its low and posted a positive day. And in electronic trading after the official settlement, price continued to hold firm and gain more despite the mini-collapse underway in the stock market. Hmm. To receive the special KWN discount to subscribe to Michael Oliver’s internationally acclaimed MSA Annual Research which is used by so many serious investors and professionals all over the world CLICK HERE.
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To listen to James Turk discuss the short term and long term predictions for the US dollar, gold, silver and the mining stocks CLICK HERE OR ON THE IMAGE BELOW.
To listening to Alasdair Macleod discuss what to expect from gold, silver and bonds CLICK HERE OR ON THE IMAGE BELOW.
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