Michael Oliver, the man who is well known for his deadly accurate forecasts on stocks, bonds, and major markets, sent King World News a very important note revealing the key price for gold that will end the correction and reverse the metals and mining stocks to the upside.
June 29 (King World News) – Michael Oliver, Founder of MSA Research: As with weekly momentum, this 50-day avg. momentum chart also shows three distinct down waves with the third so far grossly non-confirming the new price lows seen this month – which were below the March price low.
Bret offered another observation that I’d missed in prior reports: when you measure from the top momentum reading in late January to the low closes that defined the lower end of the range, from late last year through early March this year, and then swing it down, the March low was of the same dimension. Consider, therefore, that momentum finished its job in March. What has occurred since is that momentum has non-confirmed the price action. Thus, these are potential bear-trap price lows, which is especially likely when there have been three waves of selling.
MSA ranks this 50-day momentum as the final and strongest upside resumption signal to watch.
Simply close a day above the falling 50-day avg./zero line and upturn is a full thumbs-up. That average is just above $4510 for Monday. It drops daily, such that by Friday it will be around $4452, and by the following Friday (July 10th) it will be around $4390 (estimates only at this time). MSA is monitoring and will update as needed. KING WORLD NEWS NOTE: The commentary and chart above were part of a much larger special report on gold, silver, miners, the stock market and more released by Michael Oliver. You must subscribe to Michael Oliver’s MSA Annual Service to get his special reports as well as his stock picks which have dramatically outperformed. To receive the special KWN discount to subscribe to Michael Oliver’s internationally acclaimed MSA Annual Research and gain access to their research and stock picks subscribe today by CLICKING HERE!
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