With some wild trading unfolding in global markets this week, today top Citi analyst Tom Fitzpatrick warned that the gold market may now be set for a spectacular surge to $1,400! Two key charts are also shown.
October 16 (King World News) –Top Citi analyst Tom Fitzpatrick: “Gold failed to test prior resistance (now good support) in the $1,033 – $1,045 area and bounced.
Good trend line resistance (albeit only off 2 points) is met around $1,183 where the 55 week moving average also stands (see chart above)…
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Top Citi analyst Tom Fitzpatrick continues: “A weekly close above here would suggest a move back towards $1,308 (2015 high posted in January). Above that 2015 high, a move towards $1,400 could be in prospect.”
King World News note: Fitzpatrick also stated that a weekly close above the 200 day moving average would set the stage for additional upside gains for the gold market in coming weeks (see Bloomberg gold chart below which shows gold breaking above its 200 day moving average).
***KWN has now released the incredible audio interview with Michael Belkin, the man who advises the most prominent sovereign wealth funds, hedge funds, and institutional funds in the world. Belkin covers the historic rally he expects in gold and the mining shares as well as what he expects to see in global markets for the rest of 2015, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO RELEASED: Peter Boockvar On Inflation And The Major Problem Facing Central Banks CLICK HERE.
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