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 precisely how to know when gold’s correction is over, and the upside acceleration phase in the gold market will resume.
Gold
May 6 (King World News) – Michael Oliver, Founder of MSA Research: Gold: short term (3-day avg. momentum).
All our long-term metrics have shifted out of correction/congestion mode: a few months ago for gold, and soon thereafter for silver and the miners. There’s not really much more to say about those technicals. They’re very fresh in terms of major upturn.
We’re obviously seeing a short-term correction in gold, et al. Almost all of that occurred between the high close on April 21st and the low trade on April 23rd (circled on price). It has since been an arm-wrestling process with much time consumed by the bears. Friday’s close was $4 above that low trade seen on April 23rd. You can judge how much progress the short-sellers have made.
Meanwhile, daily momentum (a short- term trend metric, obviously) has produced a layered staircase decline. The marginal new price chart lows seen last week (below those of April 23rd) were not confirmed by momentum.
Downside Action Not Confirmed By Momentum (See RED ARROWS On Charts)
But there still remains a downtrend pattern in the momentum readings that’s now getting old (for this time scale). We’ve plotted three horizontal lines across three rally high closing readings during this staircasing process. The most recent of those peak closing readings in the downward staircase was last Monday. Friday’s oscillator high ran up to that level and was repelled intraday. We suggest that if June Gold settles on Monday at $2327.30 (or at the black circle on momentum), then the process of declining daily momentum action is ending, as is the short-term price pullback. This is only one page of a major report. To read the rest of this important report, which has remarkable updates on gold, silver, mining stocks and so much more (7 pages long!) you must be a subscriber. To receive the special KWN discount to subscribe to Michael Oliver’s internationally acclaimed MSA Annual Research which is used by professionals and serious investors all over the world CLICK HERE.
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