With many people around the world wondering what’s next for precious metals markets, a major rally in this index will set the stage for a huge move in gold, silver and commodities.
But first, Fitzpatrick’s perfect March 9th bullish call on commodities…
Top Citi analyst Tom Fitzpatrick sent KWN this note on March 9th, when he turned bullish on commodities: The Continuous Commodity Index (CCI) rallied through the top of the channel and has a reverse head and shoulders pattern that targets 395. Overall the chart below is pointing towards a positive market outlook (for commodities) (see chart below).
Fast forward to today’s call from top Citi Analyst Tom Fitzpatrick…
Chinese Stock Market Rally Will Be Bullish For Gold & Commodities
Tom Fitzpatrick: The Shanghai Composite is joining the list of equity markets that are breaking out. It closed above the 200 day moving average for the first time since August last year. It has been an important on the chart for over a year…
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What’s next? A weekly close above the 55 week moving average, currently at 3,142, would solidify this break. Should we see the follow through we suspect then we could be on the verge of a 6% rally as a minimum up to 3,302 – 3,328, and possibly 18% higher to the 3,673 – 3684 zone (see chart below).
The rally here is seen as a significant sign of further gains (see chart below).
King World News note: It is important to understand that a significant rally in the Shanghai Index (Chinese stock market) will be extremely bullish for gold, silver and commodities as well as the accompanying shares on a go-forward basis. This is all part of what happens in secular bull markets, almost all surprises happen on the upside.
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