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 is approaching the major upside trigger as well as the final “on-board” signal.
Gold: A Final Trigger
February 4 (King World News) – Michael Oliver, Founder of MSA Research: Our recent focus with the monetary metals and the miners has been on weekly momentum. Last week gold emerged enough to give a thumbs-up, but silver and the miners remain below key levels.
This 100-week oscillator has set up a clear and massive buy trigger structure. Yes, much lagged to other metrics that have already turned up, such as monthly momentum, but what’s structurally clear on this metric is the horizontal that we’ve plotted. The highs of this basing pattern (decline and then basing action after that mid-2020 massive price and momentum surge) were nipped out intraweek earlier this year. But we want to see a weekly close above the prior weekly closes as defined by the red horizontal (bottom chart).
Summer Of ’22 Was Gold’s Bear Trap
By the way, if you were to use this metric as a negative indicator, then that event came and went in gold’s summer 2022 collapse below the zero line. Due to many factors MSA argued that the drop then would be a bear trap. And in fact it was brief and aborted back to the upside quickly. A healthy and brief cleansing.
Gold’s Final “On-Board” Signal
The reason the upturn on weekly momentum could be important is that it could easily provide enough further impetus to put this oscillator above its red line on a close. A weekly close this week at $2115 will do that, or next week at $2116 (April Gold). It doesn’t at all require that price re- achieve its $2150 high seen in that brief spike in December. Consider this a final “on-board” signal.
Again, note the persistent tone of the action over the past few months. Instead of being repelled sharply to the downside after tagging the red line (as prior peaks tended to do), this one is hugging it. To read the rest of this incredibly important report, which has remarkable updates on gold, silver, mining stocks and so much more (6 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 serious investors and professionals all over the world CLICK HERE.
To listen to James Turk discuss what he expects to see from the metals markets short and long term as well as the mining share markets click here or on the image below.
Alasdair Macleod’s audio interview has just been released click here or on the image below!
© 2024 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the articles is permitted and encouraged.
