After some wild volatility, the gold market looks ready to shine again.
Gold Looking Ready To Shine Again
March 23 (King World News) – Top Citi analyst Tom Fitzpatrick: Gold bounced today on the back of Fed’s announcement of unlimited QE. The previous metal is currently testing the immediate resistance levels at 1,557 -1,563. A close above there, if seen, would open the way for further upside towards the recent trend high posted on March 9th at 1,703 with interim levels highlighted here:
1,577-1,581: 50% Fibonacci retracement level of the recent fall converging with the 55 day moving average.
1,607-1,611: January 8th high converging with 61.8% retracement level.
1,644: 76.4% retracement level…
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We also saw similar price actions in gold during the financial crisis in 2008 and following the second round of QE in 2011 (see below).
Gold Action Very Similar To That In 2008
After reaching the targets of the double top set-ups in both periods, the precious metal bounced to set new highs in the trends. Our bias remains for gold to test the recent trend high at 1,700.
Gold To Test Trend High At $1,700
Gold Surges $60
***Also Released: GOLD SURGES $60! We Are Now In QE Infinity – Fed Launches Massive Initiative To Backstop The Financial System CLICK HERE.
***To listen to Dr. Stephen Leeb discuss the Coronavirus panic in global markets, helicopter money about to be dropped, why gold is headed way beyond the 2011 all-time high and much more CLICK HERE OR ON THE IMAGE BELOW.
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