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Fitzpatrick:  “The upside action in gold looks extremely constructive.  In fact, the way gold is trading here is looking very similar to the way gold traded in 2012, when gold posted the double bottom and moved higher....


Continue reading the Tom Fitzpatrick interview below...




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“So the constructive dynamic here is that gold posted the double bottom around the $1,180 level.  We then saw the bullish weekly reversal.  Gold has now clearly broken out above the downtrend.  Gold is also above the 55-day moving average and heading toward the 200-day moving average, which is coming in at $1,306.


The gold market is picking up momentum.  If you go back to the similar move in 2012, it was at this point that the gold market began to accelerate to the upside, especially once gold broke above the 200-day moving average, which as I said is currently at $1,306.  What is most impressive here is how gold has continued to rally, even in the face of a strong bounce in the equity markets.


We are watching the area of the last high, which comes in around $1,362, but the most important level by far is going to be the $1,434 level.  This was the peak that was seen in gold during the bounce last year.  For us gold looks clearly set up to head in the direction of that major level at $1,434.




It will be incredibly important to see how gold acts if and when it gets up to that $1,434 level, whether or not gold can break it decisively and get a weekly close above the key area.  If we do get a weekly close on gold above $1,434, it would strongly suggest this move is going to take us significantly higher in gold -- possibly even to the area around $1,650 to $1,700.” (see chart above)


Eric King:  “Tom, it sounds like we should expect more pain for the gold shorts.”


Fitzpatrick:  “I don’t know how painful this is going to be for the shorts, but everything we are looking at here suggests the push to the topside has much more to come.”


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The audio interviews with John Mauldin, Eric Sprott, Bill Fleckenstein, Egon von Greyerz, Dr. Paul Craig Roberts, MEP Nigel Farage, James Dines, Gerald Celente, Andrew Maguire, David Stockman, Art Cashin and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

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