Fitzpatrick:  “We have believed and still believe that gold has bottomed and is putting in a solid base here.  We’ve had a good bounce in recent days as we head into the middle of December.  Trading conditions are becoming thin and we obviously have some event risks as people await what comes out of the Fed....

Continue reading the Tom Fitzpatrick interview below...


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“And while the equity market has looked a little bit shaky today, it’s hard to read too much into this just yet. 

But circling back to gold, I firmly believe we are building a base to move higher as we head into 2014, but it’s hard to say what the gold price will do in the final weeks of 2013.  Regardless, gold is certainly building a platform to move higher.”

Eric King:  “You correctly predicted late last week that gold would take out the resistance at $1,250.  Gold did exactly that and has now pulled back to the $1,250 area as support.  Is this another sign of a gold bottom?”

Fitzpatrick:  “Our bias has been that we did get that bottom around $1,180.  We also feel that for gold to really begin to shine we need for the equity markets to begin to come under some pressure.  And it’s not like gold has done this move in isolation. 

The same was true of the bond market.  We got those jobs numbers and the bond market actually began rallying, rather than falling.  We still have to get through the end of the calendar year here, but our view is 2014 will bring a higher gold price. 

I think in terms of the next impulsive move in gold it will be to go and test that area around $1,360, which was the peak of the last bounce we saw in October.  If and when we get above that level, which we think we will, then we are looking for gold to go to that area of resistance at $1,434 (see chart below).


This will be quite pivotal because if that $1,434 level is taken out on the upside, it will have ensured a bottom has been reached in gold.  Meaning this will complete the double-bottom from late June and very recently.  This will also mean we have started the next leg higher in gold.

This dynamic will send the gold market back to retest that major area around $1,525 to $1,530, which was the breakdown point seen earlier this year.”

King World News note:  The bottom line here is Fitzpatrick stated on December 5th that gold would break above $1,250.  This is exactly what we have seen transpire in gold.  $1,250 should theoretically become support.  If $1,250 holds, that will be extremely constructive for year-end gold prices as we head into 2104.

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