Fitzpatrick: “The
upside action in gold looks extremely constructive. In fact, the way
gold is trading here is looking very similar to the way gold traded in
2012, when gold posted the double bottom and moved higher....
Continue reading the Tom Fitzpatrick interview below...
Advertisement
To hear which company just made one of the most exciting high grade discoveries
that just had a massive 101 meter drill strike, as well as
major financial backers click on the logo:
“So the
constructive dynamic here is that gold posted the double bottom around
the $1,180 level. We then saw the bullish weekly reversal. Gold has
now clearly broken out above the downtrend. Gold is also above the
55-day moving average and heading toward the 200-day moving average,
which is coming in at $1,306.
The
gold market is picking up momentum. If you go back to the similar move
in 2012, it was at this point that the gold market began to accelerate
to the upside, especially once gold broke above the 200-day moving
average, which as I said is currently at $1,306. What is most
impressive here is how gold has continued to rally, even in the face of a
strong bounce in the equity markets.
We are
watching the area of the last high, which comes in around $1,362, but
the most important level by far is going to be the $1,434 level. This
was the peak that was seen in gold during the bounce last year. For us
gold looks clearly set up to head in the direction of that major level
at $1,434.
It
will be incredibly important to see how gold acts if and when it gets up
to that $1,434 level, whether or not gold can break it decisively and
get a weekly close above the key area. If we do get a weekly close on
gold above $1,434, it would strongly suggest this move is going to take
us significantly higher in gold -- possibly even to the area around
$1,650 to $1,700.” (see chart above)
Eric King: “Tom, it sounds like we should expect more pain for the gold shorts.”
Fitzpatrick: “I
don’t know how painful this is going to be for the shorts, but
everything we are looking at here suggests the push to the topside has
much more to come.”
IMPORTANT - KWN will be releasing at least two more interviews today.
IMPORTANT -
Powerful entities do not want people to have access to the news that
KWN provides. As a result we have had a constant interference with the
news feed on our home page. Simply reload the home page until you
receive the news feed, or go straight into the KWN blog. You may need
to clear your cache in order to see the latest news story. KWN readers
can simply google “how to clear cache” if they are unfamiliar with how
to do this.
© 2014 by King World News®.
All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page
is permitted and encouraged.
The audio interviews with
John Mauldin, Eric Sprott, Bill Fleckenstein, Egon von Greyerz, Dr.
Paul Craig Roberts, MEP Nigel Farage, James Dines, Gerald Celente,
Andrew Maguire, David Stockman, Art Cashin and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.
Eric King
Fitzpatrick: “Even
though it has been quiet in the silver market, it is beginning to set
up quite nicely. We are watching the area around $20.61, after silver
has bounced off of what could be a bottoming formation. The bottom will
be confirmed when silver breaks above $20.60....
Continue reading the Tom Fitzpatrick interview below...
Advertisement
To hear which company in the gold sector is the single largest holding of
World-Renowned Investment Strategist John Embry
and why click on the logo:
“A
break above $20.60 would mean another $1.60 or so to the topside, which
will take silver to the $22.20 area as a double bottom target. There is
a also second area of resistance at $23.08, which was the high of the
last bounce.
Similar
to the $1,434 area on gold, if silver can get up and test $25.10, and
ultimately get a weekly close above that level, then we would be looking
for a move to the upside in excess of $6 from that major breakout
point. Meaning, we would look for silver to move well above the $30
level after that key resistance is taken out on the upside (see chart
below).
It
looks as though the metals may be set to rise much further if we can see
this type of strength in the silver market. This would also mean that
silver would advance much more aggressively vs gold in percentage
terms. As an example, if we see gold move from the $1,300 to $1,650,
that’s a decent move. That’s about a 27% gain.
But a
move on silver from roughly $20 to the $31 area, that would represent a
55% surge, or double the percentage gain that would be seen in the gold
market. This would obviously mean the magnitude of the advance in the
price of silver would be extremely aggressive.” (see chart above)
IMPORTANT - KWN will be releasing interviews all day today.
IMPORTANT -
Powerful entities do not want people to have access to the news that
KWN provides. As a result we have had a constant interference with the
news feed on our home page. Simply reload the home page until you
receive the news feed, or go straight into the KWN blog. You may need
to clear your cache in order to see the latest news story. KWN readers
can simply google “how to clear cache” if they are unfamiliar with how
to do this.
© 2014 by King World News®.
All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page
is permitted and encouraged.
The audio interviews with
David Stockman, John Mauldin, Eric Sprott, Bill Fleckenstein, Egon von
Greyerz, Dr. Paul Craig Roberts, MEP Nigel Farage, James Dines, Gerald
Celente, Andrew Maguire, Art Cashin and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.
Eric King
No comments:
Post a Comment