Today Michael Oliver, the man who is well known for his deadly accurate forecasts on stocks, bonds, and major markets, shared with King World News exclusively that the gold market is now close to unleashing a major upside price target.
July 31 (King World News) – Michael Oliver: And so, after three waves to the downside on weekly momentum and an oversold signal (the upper SD band dropped below the zero line at the July 17th weekly close), the action then turned up the following week.
Last week’s oscillator close was $32.80 over the 3-wk. avg./zero line.
The red line on momentum is plotted along the zero line. Actually the rally highs since late April all failed short of the zero line/50-day avg. and will be overcome before reaching the zero line/50-day avg. But for greater confidence we want a daily close over the zero line.
Monday the 50-day avg. is at $1795.40 and dropping daily. By Friday a close around $1790.30 will clear it. That’s about 1.5% above last Friday’s close.
There have been three momentum down waves with the third wave holding above the oscillator lows from mid-May (a momentum non- confirmation of price).
Here’s the 100-day avg. oscillator. Going back to the peak daily closing reading in March, we plot a parallel channel (defined by three peak daily closing readings along the channel top and two low closing readings along the channel bottom). The recent lows did not reach the channel bottom.
Tuesday and Wednesday’s highs last week bumped the channel top and were repelled. Thursday cleared the channel top.
We still want other metrics to get in line on the upside…
Listen to the greatest Egon von Greyerz audio interview ever
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We’re pausing to look at the price of gold since it began trading on the COMEX. The past two years have perhaps been the calmest/narrowest range in nearly fifty years, and holding quietly on either side of the second wave’s peak.
Previous (Two) GREEN ARROWS Led To
800% Gains For Gold!
3rd GREEN ARROW Target Has Unleashed
$8,000 Price Target!
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To listen to James Turk discuss this crisis and how it will impact major markets including gold CLICK HERE OR ON THE IMAGE BELOW.
To listen to Alasdair Macleod discuss this week’s major bottoming action in gold, silver and the mining shares CLICK HERE OR ON THE IMAGE BELOW.
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