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 that an emotional 24 hours of trading ushered in a $100 trading range in the gold market.
December 4 (King World News) – Michael Oliver, Founder of MSA Research: Intermediate momentum factors, such as the 3-mo. avg. and silver’s longer-term 200-day momentum, turned bullish again in early October: for gold in the zone from the $1860s to $1930, and for silver in the lower $23 area. (See reports over past few months to see those levels defined.) This upturn occurring after the intermediate trend corrective process since the highs in price seen earlier this year. (Long-term trend factors have remained bullish since early 2016 annual momentum’s buy signal).
But the emotional moment that occurred for gold last night—in-the-dark trading—is now everyone’s focus. No doubt.
While prior peak monthly closes came out at November’s close (red horizontal on both charts), the final intramonth set of peaks came out big time last night when price tagged $2100 and then $2150, both within a few minutes of each other.
What no doubt happened was that entrenched bears finally had their buy/exit stops triggered—en masse!—and surely took large losses. Also very late price chart based buyers finally joined in as well. That it occurred in the illiquid dark helped create the upside vacuum. Then came the relapse after the mass of buy orders were filled. Also…to read the rest of this incredibly important and timely report you must be a subscriber. To receive the special KWN discount to subscribe to Michael Oliver’s internationally acclaimed MSA Annual Research which is used by serious investors and professionals all over the world CLICK HERE.
ALSO JUST RELEASED: GOLD SOARS HIGHER IN OVERSEAS TRADING: $3,200 Could Be A Target CLICK HERE
ALSO JUST RELEASED: GOLD HITS ALL-TIME HIGH: Hope Dies, Gold Rises! CLICK HERE
ALSO JUST RELEASED: Price Of Spot Gold Hits All-Time High As Silver Surges Along With Miners CLICK HERE
To listen to Alasdair Macleod discuss the price of gold hitting all-time highs along with silver and the mining stocks CLICK HERE OR ON THE IMAGE BELOW.
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