KING WORLD NEWS - BLOG
BROADCAST../../../../Broadcast/Broadcast.html../../../../Broadcast/Broadcast.htmlshapeimage_6_link_0
HOME../../../../King_World_News.html../../../../King_World_News.htmlshapeimage_13_link_0
BUSINESS../../../../Business.html../../../../Business.htmlshapeimage_14_link_0
GREEN../../../../Green.html../../../../Green.htmlshapeimage_15_link_0
HEALTH../../../../Health_1.html../../../../Health_1.htmlshapeimage_16_link_0
ENERGY../../../../Energy.html../../../../Energy.htmlshapeimage_17_link_0
SPORTS../../../../Sports.html../../../../Sports.htmlshapeimage_18_link_0
GOLD+../../../../Gold.html../../../../Gold.htmlshapeimage_21_link_0
 
 
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.html
KWN BLOGhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlshapeimage_24_link_0shapeimage_24_link_1

© 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 This material may not be published, broadcast,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.

Subscribe to RSS
CLICK HEREhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlshapeimage_27_link_0shapeimage_27_link_1
KWN Blog
Archiveshttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlshapeimage_28_link_0shapeimage_28_link_1

Here is what top Citi analyst Fitzpatrick had to say, along with powerful charts:  “Gold:  Gold held the 76.4% retrace against the Nov low yesterday thereby giving an early indication that the correction down may have ended.  Additional support comes in at $1,669.




The correction down on Gold stalled at the 76.4% retracement against the low on 11 November.  This retracement level came in at $1,692.  This is not so dissimilar in “pattern” from the setup seen at the lows throughout May – July this year, although the magnitudes have been smaller this time. 


What followed in July was choppy price action but overall higher lows and eventually a bullish break.  Another similarity between now and then is that Gold posted a bullish outside week / weekly reversal on both occasions…




The bullish weekly reversal posted 5 weeks ago is still valid.  Additional support comes in at $1,669 (55 week moving average that also held as support 5 weeks ago).  The short term resistance level to watch is $1,754 and the more important resistance level is $1,790 which should be watched on a weekly close basis. It marks the double bottom neckline.




The price action over the past year reminds us of the correction / consolidation seen on Gold in 2006 before a break to higher highs.  While choppy price action may be seen over the weeks ahead, we believe that overall the trend is still up and higher highs will be seen in 2013.”


© 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 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, Don Coxe (BMO $538 billion) and Art Cashin (UBS $612 billion) by CLICKING HERE.


Eric King

KingWorldNews.com

To return to BLOG click here.


 
http://www.kingworldnews.com/kingworldnews/Broadcast/Broadcast.html