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Here is what top Citi analyst Fitzpatrick had to say, along with powerful charts:  “We have long believed that the present pattern on Gold is a consolidation prior to the next impulsive move higher.  The charts below suggest the start of that move, which we believe will yield a move towards $2,055-2,060 and then $2,400, may now be “close at hand”.  In addition, the set ups on Palladium, Platinum and Silver are all looking constructive.




A repeat of the momentum move seen between August 2007 and March 2008 could see Gold approach $2,400 as early as July this year (see two circled areas on chart below).




We have seen a low to high bounce of nearly $30 in Gold (recently) completing a bullish outside day (chart below).


Continue reading the Tom Fitzpatrick piece below...




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This follows a hold of horizontal support and the 61.8% pullback area around $1,625-1,629.  Good resistance is now being tested around $1,695 (Double bottom neckline and 55 day moving average.)  A break above here suggests at least $1,755 again.




Weekly momentum is turning up from low levels after 3 weeks of indecision (see chart below).  Similar indecision was seen in July 2012 before the next leg higher.  Above the $1,755 level there is good resistance at $1,763 and most importantly $1,791-1,796.  Above this latter range would suggest an acceleration in the move higher to $2,055-2,060 initially and possibly $2,400 this calendar year.




A weekly close above $725.75 (for palladium) would complete a double bottom that targets a move back to at least the trend high at $862 and possibly as high as $900 (see chart below).




Good resistance stands just above in the $1,693 to $1,737 range (in the platinum market).  A break above here (weekly close) would suggest at least $2,100 again (see chart below).




Good resistance is met at $34.40-35.40 (on silver) and then most importantly at $37.48.  A weekly close above that latter level would signal gains back to the April 2011 highs near $50 (a 56% surge from current levels).




© 2013 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 This material may not be published, broadcast, rewritten, or redistributed.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 Pierre Lassonde, Gerald Celente, James Turk, Bill Fleckenstein, John Hathaway, Egon von Greyerz and Ben Davies are available now.  Also, be sure to listen to the other recent KWN interviews which include Nigel Farage, Eric Sprott, Art Cashin, John Mauldin, John Embry and Andrew Maguire by CLICKING HERE.


Eric King

KingWorldNews.com

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