Today Michael Oliver spoke with King World News about the plunge in the gold market.
Gold Selloff Accelerates
November 8 (King World News) – Michael Oliver had this to say to King World News regarding the pullback in the gold market: “As they are hitting you with the left jab from the recent takedown in the gold market, the right hook of the commodity upturn is about to engage, which is incredibly bullish for gold.”
Also of importance from Michael Oliver…
This is today’s update from Michael Oliver after the pullback in the gold market: Another tantrum. So far within the range of price action from August to early October (the low in early October was $1458.3.)
Is there a level on long-term momentum that would concern MSA?
We have shown this set of charts before. Momentum here measures monthly price ranges in relation to the gradually rising 36- mo. avg. The average itself (zero line) is not structurally important and has not been for many years. Instead layers of support or resistance have been established on either side of that average.
Note that there was a block of horizontal momentum action from mid-2013 until January, 2016. February 2016 broke out above that multi-year momentum base (arrow) and surged from just above $1140 (breakout level) to $1370. The sharp drop into December 2016 caused momentum to approach the top end of that base, though not actually getting down to it precisely. And then turned up. Another drop last summer probed down to near that same oscillator level and again turned up.
From summer 2016 to summer 2019 momentum action set up another horizontal structure with peak monthly closes at 10% over the zero line/36-mo. avg. We do not want to see a monthly close at 9.5% over the zero line. This month that means not at or below $1415.3. Next month with an upward adjustment in the 36-mos. avg. we do not want to see a monthly close at $1423.
For now what we have is congestive price action with lows still 3% to 4% above the top end of that prior three year wide momentum range. For those of you who would like to subscribe to Michael Oliver’s MSA Annual Report at the special KWN discounted rate CLICK HERE.
***KWN has just released the powerful audio interview with Alasdair Macleod and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
Gold Sells Off But Here Is The Bright Spot
READ THIS NEXT! Gold Selloff Accelerates As Gold Price Tumbles Below $1,470 But Here Is The Bright Spot, Plus We Won’t See This Again For A Long Time CLICK HERE TO READ.
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