Michael Oliver Says Gold’s Breakout Is Very Real, Despite Volatility

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 gold’s breakout is very real, despite the continued volatility.

Gold: weekly momentum
July 30 (King World News) – Michael Oliver, Founder of MSA Research:  There was an upside breakout by weekly momentum three weeks ago. Action since in no way negates that resumption of positive weekly momentum—following four months of decline/corrective process by weekly momentum and a fairly benign correction.

And once enough momentum factors indicate positive for any market trend, as they do for gold, it’s time to actually look at price chart technicals. Usually they will follow momentum, certainly not lead it. And if price factors concur with momentum, you can treat the price breakouts as reasonably valid. In this case we simply plot a line across three peak monthly closes…

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The early 2023 surge cleared it amply on a monthly closing basis. Last month used it as support (that process of several months of selling pressure or correction is measured in the weekly charts above). Price is up-ticking this month off of that three- point line. Obviously the price level that will (maybe) wake up price chart aficionados is a trade to $2100, which will take out the trio of intramonth peaks going back three years. Momentum says to expect it.

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