With the gold and silver markets getting hit today along with the shares, 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 “Mini-Panic” In The Gold Market
By Michael Oliver, MSA (Momentum Structural Analysis)
March 8 (King World News) – If the final exhaustion phase of the selloff in December qualified as a panic, then this is at least a mini-panic…
At the December low it was annual momentum that explained where support was and sparked the upturn. This time MSA is focused on intermediate-trend momentum.
A year of downside in momentum, defined by a parallel channel of readings, was broken out above in late January, circled (see chart below).
Charts by Momentum Structural Analysis, www.olivermsa.com
Resistance Levels For Gold Should Now Become Support
Suggestion: treat the momentum chart as you would a price chart. The current pullback is now “around” the levels of the channel breakout and near the levels that had constituted overhead resistance in the final quarter of last year (horizontals)…..more here