Michael Oliver Just Predicted Gold Will Take Out 5 Years Of Highs In 50 Trading Days!
Michael Oliver Just Predicted Gold Will Take Out 5 Years Of Highs In 50 Trading Days! from King World News
With the Dow plunging nearly 600 and gold surging to $1,250, Michael Oliver, who is well known for his deadly accurate forecasts on stocks, bonds, and major markets, just predicted gold will take out 5 years of highs in only 50 trading days.
Gold will take out 5 years of highs in 50 trading days!
December 7 (King World News) – Michael Oliver: An outlandish statement? No. And here’s why. The bottom in gold was in 2015 at $1046. In February 2016 as price moved up through $1140 (arrow), MSA identified a massive annual momentum upside breakout (that momentum chart not shown here).
No action by annual momentum since has caused us to shift to bearish on gold. Yes, there have been large downswings, but never a return to lows in price and no negation of that annual momentum positive signal. The most recent decline in August reached $1161. Gold is now near $1250…
When you take in the vista of this monthly price chart only, you see a large rangebound clump of ink with downside stabs (no new lows since late 2015) and a nearly flat line of resistance overhead—across the past five years of highs. And the current price of gold is not near that obvious-to-all line. So, everyone is asleep. Ho hum.
For chronic gold bears and chronically nervous gold bulls (who are no doubt less long than they were a year or two ago), the resolution of this struggle should be rapid on the upside. It will leave no time for committee meetings, no time for sentiments to gradually adjust to the new reality.