Look who just predicted gold will soar to jaw-dropping $15,000–$20,000.
KING WORLD NEWS NOTE: KWN has released Michael Oliver’s historic audio interview discussing silver skyrocketing 600% in a matter of months as well as which mining stocks to buy right now and what to expect for the gold price explosion (link at the bottom of this article)!
Gold Is Now The World’s Number One Reserve Currency
May 12 (King World News) – This is only a small portion of a report released by the brilliant Jesse Colombo: I want to start by showing the chart of silver and its clean breakout from the triangle pattern that formed over the past few months:
Interestingly, gold’s chart shows a setup similar to silver’s, though instead of a triangle, a channel pattern formed during the correction of the past several months. In Monday’s trading, gold began breaking out of this channel, which is an encouraging sign, though I would like to see a stronger follow-through for full confirmation, which is likely to play out over the next few trading sessions.
Once gold has fully broken out of its channel, I’m watching two additional major hurdles: the $4,800 to $5,000 resistance zone and $5,400 to $5,600. Breakouts above horizontal resistance levels and zones tend to be more reliable than those above diagonal trendlines like the top of the channel, so I would like to see these zones cleared for added confirmation.
… I would like to see gold close decisively above each resistance zone, and with each successive breakout, the odds of the next powerful leg higher will increase significantly. The final breakout above the $5,400 to $5,600, which formed at the late-January peak, is the most important, as it would signal that gold has once again entered blue-sky territory and that the correction of the past few months is fully behind it.
A look at gold’s weekly log-scale chart puts the channel pattern of the past few months into clearer perspective. Channel like this typically act as continuation patterns within a bull market, so breakouts from them usually lead to much further gains.
As a reminder, I believe gold is only about two years into a secular bull market that should last at least a full decade, ultimately driving prices to at least $15,000 to $20,000 per ounce.
Michael Oliver Says Silver May Skyrocket 600% In A Few Months!
To listen to Michael Oliver discuss silver skyrocketing 600% in a few months as well as which mining stocks to buy right now and what to expect for the gold price explosion and more CLICK HERE OR ON THE IMAGE BELOW.
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