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James Turk continues:


“For example, flag patterns were a recurring feature in silver's bull market in the 1970s.  They repeatedly formed on silver's daily and even intraday charts.  So it is good to see flag patterns like this one forming again.  It bodes well for the future.


Anyway, the breakout on the above chart finally occurred in August when silver jumped from $27 to over $30....


Continue reading the James Turk interview below...




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“You can clearly see this on the chart.  Note the tall blue bar marking the breakout once silver climbed out of the flag pattern to the upside.




Also, compare this August blue bar to the thin line back in February when the silver price first moved outside the flag pattern.  That February move turned out to be a false breakout, which caused silver to fall back to test and re-build support.


Importantly, that base building is now complete.  You can clearly see on this chart the accumulation that has taken place during the spring and summer months.  We have weeks and weeks of backing-and-filling, and it has occurred with fewer and fewer people paying attention.


That is one of the key points we repeatedly see in important corrections.  Too often people focus on the short-term, and their interest dwindles when markets begin a trading range.  They should not, however, lose sight of the all-important big picture, which I think is clearly illustrated in this weekly chart.


The other key observation to make about this correction is that we now know that support under the market is solid, which is exactly what I like to see.  Big moves in silver - or any market for that matter - need big bases like the one silver has formed.  This big base will now provide the foundation upon which silver will climb higher.


Silver made it back up to $35 in October, before this latest short-term sell-off temporarily set the price back.  Importantly, this small price setback has ended, and silver is again in an uptrend.  So the logical next step for silver is to probe overhead resistance in that $36-$37.50 area.


You will recall that this is the chart I used back in October 2011 when I forecast that silver will rocket higher when $36 is hurdled.  When silver does take out $36, my expectation has been that silver will reach $68-$70 in 2-to-3 months, and I still believe that will happen.


However, the resistance level on the chart now stretches from $36-$37.50.  This bigger range is a result of the false breakout earlier this year, which needs to be exceeded.  Silver has to close above the February 2012 high of $37.50, and when it does, I think even I will be surprised by the power and speed at which silver accelerates.”


© 2012 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 interviews with Egon von Greyerz, John Hathaway, Ben Davies, Dr. Stephen Leeb, Eric Sprott, Gerald Celente, James Turk and Egon von Greyerz are available now.  Also, be sure to listen to the other recent KWN interviews which included Michael Pento, Wilbur Ross, and Don Coxe (BMO $538 billion)  by CLICKING HERE.


Eric King

KingWorldNews.com

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