With the price of gold still consolidating gains from the massive rally off the lows, here is an important update on the gold market.
Gold: A Note Of Caution
April 28 (King World News) – Top Citi analyst Tom Fitzpatrick: While we continue to remain constructive for Gold medium term the short-term price action is more concerning suggesting a danger of another double top forming similar to what we saw in early March. The weekly close on Friday above $1,703 was a constructive medium term development but the lack of follow through is flashing a few alarm bells…
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The double top neckline stands at $1,660 and looks likely to be tested (possibly rather quickly). A break below would open up for a target to move as low as $1,580 again (see below).
Gold Bullish Medium-Term But Cautious Short-Term
Until $1,745 Is Breached On The Upside
So bottom line, while constructive medium term we would be much more defensive short-term on Gold. King World News note: Although Fitzpatrick is waving a caution flag in the short-term, he remains very bullish on gold medium- to long-term looking for new all-time highs and the potential for the price of gold to surge to $2,500. Also, gold can break this cautious short-term pattern by moving above the $1,745 level. One argument for a move higher is the clear breakout by the mining stocks. Regardless, it may be wise for now to wait and see which way the market breaks before committing more funds to the sector.
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