Below is Fitzpatrick’s
tremendous interview along with 4 key charts:
Eric King: “Tom, we are continuing to see these
advances in gold and silver that you predicted would happen. Let’s start with
gold.”
Fitzpatrick:
“Yes. Overall we are
still of the view that what we saw was a very deep correction in secular bear
market, but a correction nonetheless. The platform which has now been
established with the recent low, below $1,200, is going to be a platform for a
substantial move higher....
“The price of gold is now advancing
above the area that really marked the breakdown point in gold. This area is
where gold has the rising trendline and the 55-month moving average. These
zones come in around the $1,390 to $1,405 levels.
So a monthly close back above that
zone would suggest that gold is now undoing the longer-term break that was the
catalyst for the move down below $1,200. This will open up the gold price for a
test of the really big break point, which was the area around $1,520 to $1,525.
This $1,520 to $1,525 zone was
pierced on the downside as the equity markets were hitting new all-time highs.
Regaining a strong foothold above that area would be the catalyst in terms of
price that would signify gold has definitely reentered the bullish phase of its
secular bull market (see chart below).
This break back above that key area
($1,525) would also open up the door for a move in gold toward the $1,790 to
$1,800 price level (see chart above). We still remain of the belief that gold
will ultimately see new all-time highs during this strong move to the
upside..."
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