With crude oil tumbling once again and the precious metals also trading lower, today top Citi analyst Tom Fitzpatrick sent King World News a key update on the action in the gold market.

From top Citi analyst Tom Fitzpatrick:  “An environment where US equities are performing well and where US yield curve is rising should proved negative headwinds to gold.

kwn-fitzpatrick-ii-392017

Gold has turned lower off resistance at the 55 week moving average and we are now testing support in this area from $1,191 – $1,200 where the May low and the high from October 2015 come in…


IMPORTANT:
To find out which company the richest man in China has invested in, one that
Rick Rule and Sprott Asset Management
 are pounding the table on that
is quickly being recognized as one of the greatest investment
opportunities in the world –
 
CLICK HERE OR BELOW:

KWN Question MarkSponsored


A weekly close below those levels would open the way for a move back to the trend lows at $1,123 (see chart below).

kwn-fitzpatrick-i-392017 

Beyond there, the March 2008 highs and December 2015 lows come in from $1,034 – $1046.

It is also worth noting that weekly momentum has crossed lower from stretched levels.”

***KWN has released the powerful audio interview with Rick Rule CLICK HERE OR ON THE IMAGE BELOW.

***ALSO JUST RELEASED: This Is How Dangerous The Situation Has Now Become For The Global Financial System CLICK HERE.

kwn-rule-mp3-352017

***KWN has released the remarkable audio interview with former U.S. Treasury official Dr. Paul Craig Roberts CLICK HERE OR ON THE IMAGE BELOW.

kwn-roberts-mp3-342017

© 2017 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the articles is permitted and encouraged.

King World News RSS Feed

Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInEmail this to someonePrint this page