After the carnage in the gold and silver markets last week, this will signal that the gold market has reversed higher.
Gold: This Will Signal An Upturn
By Michael Oliver, MSA (Momentum Structural Analysis)
May 8 (King World News) – This report prepared and sent after French election and during electronic gold trading Sunday night, not pit trading Monday morning…
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Gold opened lower ($1221) and then turned up, reaching so far a high of $1235, last trade $1231.
Charts here show daily momentum, and what we are looking for are any signs of daily/short-term upturn.
3-day momentum (for today, Monday) would like to see close above $1240 or tomorrow at or above $1235. That would cause a close over the horizontal structure. Consequence? At least it’s a positive sign of an initial rally out of the recent hole and probably the beginning of repair for gold from the recent 5% correction (contrast to 15% correction from September to December last year).
DMA oscillator has a structure, one that traces back to mid-March. Close out Monday at $1229 and that argues at least for a couple days of recovery, possibly enough to wave goodbye to the recent low.
Other short-term indicators also ripe for turn, but best to defer to the 3-day momentum chart above (first chart at top of page).
***KWN has now released the remarkable audio interview with London whistleblower Andrew Maguire and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: James Turk – Gold Will Soon Skyrocket Like The Parabolic Bitcoin Chart CLICK HERE.
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