Gold to Hit $2100! Gold & Silver Will Instantly EXPLODE After This - Michael Oliver

In a recent interview with Liberty and Finance, Michael Oliver from Momentum Structural Analysis discusses the potential for the following daily and weekly upturn in the gold market. Oliver specifies a critical price level, noting that if gold surpasses 2100 dollars, it is expected to perform well.
Despite minor reactions to significant data releases and corporate earnings reports, gold prices exhibited a narrow 10-dollar range between 2,016 and 2,025 last week. Adrian Day, President of Adrian Day Asset Management, anticipates a boost in gold prices in the upcoming week, attributing this expectation to moderating inflation numbers. Day suggests that the likelihood of a Fed rate hike in March has increased, which, in his opinion, will contribute to higher gold prices.
Oliver comments on the market dynamics, indicating that the recent selling has not resulted in a significant decline but has stabilized the lower 2000s dollars. Despite this stabilization, the gold market experienced a sharp sell-off following Thursday's housing data release. The price fell to a daily low of 2,016.23 dollars in the minutes following the 10 am EST release. As of the latest session, spot gold last traded at 2,018.75 dollars per ounce, showing a 0.11% decrease.
Oliver acknowledges a banking crash in the spring, emphasizing that gold responded differently, showcasing its ability to foresee events. Over five days in March 2023, three small-to-midsize US banks, including Silicon Valley Bank and Signature Bank, experienced collapses. These events, considered among the largest US bank failures since the Great Depression, raised concerns about a potential widespread banking crisis. Gold and silver prices surged in response to the crisis, benefiting from their safe-haven appeal as investors sought refuge. Spot gold experienced a significant jump of 2.44%, reaching 1,921.63 dollars per ounce, the highest level since early February. US gold futures also gained 2.6%, settling at 1,916.50 dollars.
The momentum of US stocks witnessed a shift on Friday, as both the S&P 500 and Nasdaq Composite ended lower, marking the conclusion of their respective six-day winning streaks. While the S&P 500 had recently achieved five consecutive record closes, the broader market indices, including the NASDAQ 100 and S&P, reaching new highs, were not without concerns. Michael Oliver highlights that the significant contribution to this success comes from a select group of tech giants like Apple, Microsoft, and Nvidia.
The recent market boost was attributed to the monthly PCE data, indicating that the Federal Reserve's preferred measure of core inflation had decelerated to its lowest level since the spring of 2021. However, Michael Oliver emphasizes that despite the positive market sentiment, there is a notable concern regarding the exceptionally narrow breadth of the market. The reliance on a select group of key stocks for driving overall market performance raises questions about the robustness of the current bullish sentiment. Against this backdrop, the Vanguard survey in December revealed that investors anticipated a 5.7% return on stocks over the next 12 months, showing a 1.3 percentage point increase from October.

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