With the gold and silver markets rallying recently, today King World News is pleased to present an important update on the war in the gold market from Michael Oliver at MSA. Oliver allowed KWN exclusively to share this key report with our global audience.
The All-Important Monthly Close In The Gold Market
By Michael Oliver, MSA (Momentum Structural Analysis)
April 4 (King World News) – The annual momentum action turned positive in February 2016. The sharp pullback in late 2016 held on top of momentum support (the prior breakout level on momentum) and has since returned north of the zero line/3-yr. avg. Not much more to say about annual momentum right now. Positive.
Our assessment of the recent action has shifted to price chart behavior (weekly price chart below).
Most intermediate momentum trend factors are positive, but we noticed that a trend line plotted back to the price chart rally high of 2016 was hit early last month, followed by a drop to the $1190s. That drop was quickly erased with price returning to $1260 by month’s end…
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But it was our stated preference over the past few weeks to see a weekly close at $1250 or higher. So, the market closed two weeks ago at $1248.50 and last week (3/31) at $1247.30. Still acknowledging that price chart trend line (on a weekly closing basis).
(Charts by Momentum Structural Analysis, LLC www.olivermsa.com).
We now fine-tune that number to a weekly close above $1251.50 any week in Q2. This not only closes weekly price above its trend line, but also accomplishes an additional positive feature on quarterly momentum (not shown).
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