Is The Gold Market Quietly Setting Up For A Massive Surge Above $1,500?
Is The Gold Market Quietly Setting Up For A Massive Surge Above $1,500? from King World News
With the price of gold advancing near $1,300 and silver breaking back above $17, is the gold market quietly setting up for a massive surge above the $1,500 level?
Gold: Long-Term Momentum
By Michael Oliver, MSA (Momentum Structural Analysis)
August 21 (King World News) – We’ve run this pair of charts before. The number we want to see rung in is 6% over the 200-wk. avg./zero line. Next week that occurs if the nearby future trades to $1,303.40. The set of seven highs that define the red horizontal is precisely 5% over the zero line. That red line was exceeded last week, but not by a next full percentage uptick. And that’s what we want to see (see chart below).
Gold already broke above its 40-wk. avg. momentum barrier when it closed the week of July 28th above $1,265, our needed upside breakout number on that long-term oscillator (those charts shown in prior MSA reports)…