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 here is the key as gold futures trade back above $2,700.
The Big Picture For Gold
November 7 (King World News) – Michael Oliver, Founder of MSA Research: And as we’ve all been told, if the stock market drops sharply, so will gold, and vice versa, we assume? Hmm.
When we look at any long-term metrics of gold (and silver), like the 50-wk. oscillator below (similar to a 1-yr. avg. oscillator), we don’t see the sort of pending structures to break as we do for the U.S. stock market. Nothing at all even nearby.
And when we look at more “trading” time-scale metrics (not shown here), we see a situation that’s oversold on both daily and weekly momentum (the same for silver). This should be considered a pending buy situation.
Here’s 50-wk. momentum, long-term metric, going back to that bear trap cleansing low in September / October 2022.
The current pullback on momentum is to around the area where the recent multi-month congestion process turned up (flagging by momentum: that parallel channel plotted through peak and weekly closing highs and lows from April to late August). In other words, it’s possible or likely support. So if you’re a bear, you’d better be sure you blast gold a lot lower and soon. You don’t want gold to find any footing around here. You must subscribe to Michael Oliver’s MSA Annual Service to read the rest of this lengthy and timely report. MSA also lists individual mining stocks in their reports that they believe will significantly outperform the HUI Gold Mining Index. 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 CLICK HERE.
Stunning Price Predictions For Silver & Gold
To listen to Michael Oliver’s remarkable predictions for gold, silver, miners, and the stock market CLICK HERE OR ON THE IMAGE BELOW.
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