Today the man who made a perfect call on the silver market just released this.
But first, Fitzpatrick’s perfect July 28th warning on silver…
This was Tom Fitzpatrick’s warning on the silver market near $20 in July: “The silver weekly chart is no longer making lower highs (see chart below).
Silver has tended to retest the breakout levels since setting its trend low last December. It did this in February and June. A continuation of this trend would leave opportune silver levels in the $17.70 – $18.01 support area (see chart below).
That pullback unfolded – Fast forward to today’s call from Fitzpatrick…
Tom Fitzpatrick: “Crude WTI (West Texas Intermediate) is seeing a bullish break through the triangle top which may develop into a double bottom…
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For now this remains a short term dynamic; however, it is worth noting that major resistance levels come in around $52.08. A weekly close above that area would be bullish and suggest a broader medium term rally is taking shape that could see a move in WTI to $60+ and potentially higher (see chart below).
A weekly close (above $52.08), if seen, would confirm the pattern which would then target $77, in line with the lows from 2011 and 2012. The 200 week moving average is around $72.”
King World News note: Of course a bullish move in the crude oil market of that magnitude would also be extremely bullish for the gold and silver markets as well. Having said that, the only caveat to a bullish move in oil is the fact that commercial hedgers are once again approaching all-time record short positions in the crude oil market (see 23-year chart below).
King World News note: This does not mean that the price of oil cannot head significantly higher in the short-term, but it does wave a major warning flag for the longs in the crude oil market. With this setup, it will be very interesting to see how crude oil, gold and silver trade in the coming days and weeks ahead.
***KWN has also now released the powerful interview with Gerald Celente and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO RELEASED: DANGER: The Last Time This Happened Was Right Before The Stock Market Collapsed! CLICK HERE.
***KWN has also now released the extraordinary interview with John Embry and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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