Eric King:  “Tom, we’ve started to see a surge in gold here.  What are your thoughts on the gold market?”

Fitzpatrick:  “Gold is beginning to look quite good technically.  We’ve had the double-bottom around $1,182.  Coming out of those lows gold posted a bullish weekly reversal which seems to have set the base, at least for the moment....

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“After coming off of those lows, today gold is having a solid bullish ‘outside day.’  We are coming into some resistance in the area at current levels between $1,262 and $1,268.  This was the level that was the high in December of last year.  So gold is attacking that level right now.

But if gold can clear this $1,270 range, that should create a quick $100 surge in gold.  The big level we remain focused on is the August high at $1,434.  If gold closes above that key $1,434 area, we would have a very strong completion of a double-bottom target -- somewhere in the range of about $1,675 to $1,700 (see chart below).

Eric King:  “Do you feel like we are seeing the beginning of a short squeeze in gold, Tom?”

Fitzpatrick:  “The price action feels like that could be the case.  There definitely seems to have been a push as you can see by the move in gold today.  The gold market like the news out of India, and it does show once again that gold is becoming reactive to anything that is positive.

Also, gold and equity market have become very intertwined.  If we are to see the bullish  technical developments that gold appears to be setting up for right now, our suspicion is that this move in gold will be accompanied by weakness in the equity markets.  If you look at the price action in gold and the stock markets today, that certainly seems to validate this thesis.

The bottom line is we have seen one of the best days for gold in quite some time, while at the same time the S&P is down 20 and the Dow is also down around 200, and continued weakness in equities will make it easier for gold to push through these key levels that we are looking for on gold.”

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