Next Major Gold Price Target? Michael Oliver Says $1,700

Michael Oliver’s MSA likes price chart patterns—if they’re legitimized by its proprietary our momentum factors. Other times if Michael sees an obvious price chart “breakout” that hasn’t been preceded or at least matched by a momentum breakout, then he suspects the price action is probably a trap. In this long-term price chart of gold there is a head-and-shoulder bottom pattern (a complex one) spanning years. Its swing objective is the $1700 area. And this bullish picture was well-preceded by long-term momentum breakouts.

Furthermore, via parallel channel analysis (one mode of price chart analysis we favor) the action indicates an intent by gold to steepen its angle of advance. Since the projected parallel channel top came out in early August, with a weekly close above the top of the gradually up trending channel (defined by peak and reaction low weekly closes, circled), the pullbacks-in terms of weekly closes-have maintained themselves above the channel top. At this point (October 6, 2019)  if we see front month gold (currently October, which is trading about $6.70 below the more active December future) trade to $1536, then expect resumption on the upside to begin following this recent congestive flip-flopping action. And expect it to resume with a much steeper angle of advance than seen over the past year.

Michael recently said on my radio show that he believes one or more of three markets have to switch directions to trigger the next higher move for gold: 1. A significant decline in stocks; 2. A significant decline in the dollar; and 3. A breakout to the upside in the commodity markets. We are close to all three of those markets heading into a gold friendly direction. Go to www.OliverMSA.com

to sign up and profit from Michael’s work.