Michael Oliver, the man who is well known for his deadly accurate forecasts on stocks, bonds, and major markets, communicated to King World News that big money is watching these key levels in the silver market.
Silver
July 6 (King World News) – Michael Oliver, Founder of MSA Research: Silver is at a key level already. This week we want a weekly close above $62.89.
Eight weeks have now been capped below the zero line with several precisely peaking at the line.
Also, when we plot a simple downtrend through peak weekly closes on momentum since January, voilà ! It intersects at the zero-line area this week.
Where might the typical price-chart crowd (i.e., chasers) start to wake up? Well, there’s a descending sequence of three peak weekly closes on price. Meaning wake-up time might be around $83 as action takes out those peak weekly closes back in April and May. Or maybe they wait for $120 to come out. Or maybe they’re gone totally? Oh, well, that’s not MSA’s concern.
We argue that when this intermediate-trend wake-up call occurs, what it produces will highly likely become vertical in tone and price, and in a way not seen thus far in this bull trend. Within several months after this pending breakout, price will gain massively, and likely only then will we begin get headlines about the real macro issues, with earthquake-type effects that have been slowly gathering pressure for this monetary metals bull trend. That will also likely be fairly coincident with the beginning demise of other, still greatly cheered assets.
We think that a “resurgence” outcome will be measured mostly in several (i.e., three or more) months of violent verticality.
But we wait for our numbers to signal the start of that phase. Those are specified in this weekend report and will be updated as we proceed. 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!
Gold & Silver
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