On the heels of the recent volatility in gold and silver, Michael Oliver, the man who is well known for his deadly accurate forecasts on stocks, bonds, and major markets, shared with King World News the key levels to watch for major gold and silver upside breakouts.
October 3 (King World News) – Eric King: “Michael, we are in this secular gold bull market, we’re headed higher, and this too shall pass.”
Michael Oliver, Founder of MSA Research: “Gold had a correction, okay. It took them 8 months to go from the August high of last year to the March low of this year. That was a 20% drop and it took them 8 bloody months to get it down 20%. Then gold rebounded back over $1,900. Then gold dropped back again. They banged it down in June with the Fed Minutes where they started to use the word ‘taper.’ Everybody thought if they are going to taper gold is going down, etc, etc. So they sold gold there, silver there and the miners. Gold went to the mid-$1,700s, then it rallied back up again.
Then in electronic trading in August, prior to Monday’s actual trading, they bashed gold all the way down back down to test the March low. But within an hour or so it rebounded $50 to $100 bucks off that low and didn’t look back again. So that ambush in the dark was a test of the March low. Then we saw renewed selling that drove gold back down to $1,720 and we’ve since rebounded.
This last selloff we just had was the bears’ last chance to finally get it going on the downside and I don’t think they succeeded. You’ve got to look now toward a flip back to the upside. We’ve got some numbers for silver and gold that we think are primary. It’s our view now that if you get gold up to…to hear exactly what levels to watch in the gold and silver markets and much more in this important audio interview CLICK HERE OR ON THE IMAGE BELOW.
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