Today
Tom Fitzpatrick spoke with King World News about the recent action in
both gold and silver. Fitzpatrick has been astonishingly accurate in
forecasting the movements of gold and silver. He has been noting $1,791
as a key level in gold for some time on KWN, and gold has now been
battling with that level for three straight weeks. Now Fitzpzatrick lets
KWN readers know what to expect next.
Here is what top Citi analyst Fitzpatrick had to say, along with some powerful charts: "The
gold market is flirting once again with the critical $1,791 level
today. Breaking through this level will be crucial in terms of
establishing the momentum for the next leg higher. If gold can get a
weekly close above that level, it really completes this pattern. This
will then open up the target for gold at $2,060. It could come this year
or perhaps in Q1 of next year.
But
we believe that in Q1 of next year we could see gold as high as $2,450
to $2,500. Gold has pushed on this critical $1,791 level for two weeks
in a row, and we closed both of those weeks essentially where we opened.
So this is the third week in a row that gold has been assaulting that
critical level.
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