Michael Oliver, the man who is well known for his deadly accurate forecasts on stocks, bonds, and major markets, sent King World News a very important update on the gold market.
Focus On The Gold Upturn
March 31 (King World News) – Michael Oliver, Founder of MSA Research: In the last weekend report we showed many short-term momentum charts of gold (and silver) just to note the cluster of pending breakouts to the upside. The prices that trigger those upturns varied wildly depending on the metric used, but there’s a consensus that structures overhead are ripe for being broken through. In fact, some already have been triggered.
But we don’t want to focus on each and every one. They will be a chorus, but at various levels. What we want to do here is give you a number based on a consensus of those metrics as well as what we see as a price level that will no doubt once again put the forever doubters back in silent mode again. And we’re convinced that such trigger levels in the metals themselves, especially the mama metal gold, will signal that this violent, mostly sideways corrective process that began the last day of January is over.
As MSA noted in the last weekend report, as of last month, gold had produced a vast number of consecutive months of rising price chart highs/lows/closes. Well, February at least produced— for the first time in months—a lower high. And now this month will finally produce a lower monthly close (the first in ten months). And with that quick downside swipe that we suggested last weekend, price action vs. monthly lows has now taken out a prior monthly low for the first time in fifteen months! The end of the world?! Or just something that was finally needed? A breather for price.
And after doing the deed (i.e., taking out the $4423 level, the February low), action rebounded within a couple hours and closed the week back above that prior low. No follow-through, in other words!
As for levels on those prior shorter-term metrics that will indicate an upturn from this process: we’ve narrowed it down to one…KING WORLD NEWS NOTE: The commentary and charts were part of a much larger special report 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!
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