Gold’s Breakout Confirmed, Momentum Points to $2100
Gold’s recent breakout is proving to be a significant development, supported by strong momentum that suggests the price could reach $2100. Amid continued market volatility, renowned forecaster Michael Oliver asserts that gold’s breakout is a genuine indication of its upward trajectory.
Oliver, the founder of MSA Research, emphasizes that the weekly momentum witnessed three weeks ago marked an upside breakout. Despite subsequent market fluctuations, this positive momentum remains intact and has followed a four-month corrective process after a period of decline.
When momentum factors align positively for a market trend, such as in the case of gold, it’s crucial to examine price chart technicals. Although price trends usually follow momentum rather than precede it, when price factors coincide with momentum, it lends credibility to the price breakouts. In this instance, a line connecting three peak monthly closes confirms the significance of gold’s upward movement.
An early surge in 2023 already cleared this line, with last month using it as support during a multi-month selling pressure or corrective phase, as depicted on the weekly charts. The price is now showing an upward tick this month, originating from that crucial three-point line. The market is eagerly anticipating a trade to $2100, as it would surpass the trio of intra-month peaks observed over the past three years. The prevailing momentum strongly suggests that this milestone will be reached.
Michael Oliver’s MSA Annual Research is highly regarded among serious investors and professionals worldwide. By subscribing to this trusted research, readers gain valuable insights into stocks, bonds, and major markets. There is currently a special discount available exclusively through King World News.
In other gold news, Alasdair Macleod provides an in-depth analysis of events unfolding in August that will have a significant impact on the pricing dynamics of the gold market. To gain a comprehensive understanding of these developments, interested readers can access the discussion by clicking on the link or image provided.
If you’re looking for an assured perspective on gold’s breakout and the momentum driving it, Michael Oliver’s insights offer valuable guidance. As the market continues to experience volatility, his accurate forecasts on stocks, bonds, and major markets inspire confidence in gold’s upward trajectory. While price charts may ultimately validate momentum, it is the underlying momentum factors that pave the way for significant market trends. If momentum is any indication, gold’s rise to $2100 seems inevitable.
