Gold is now on the cusp of a massive breakout ahead of the Fed meeting.
Gold on the cusp of a breakout?
June 18 (King World News) – Top Citi analyst Tom Fitzptrick says gold breakout targets huge price gains: A move through strong resistance at $1,350-$1,375 would suggest at least $1,500+ if not $1,700+ (see chart below).
Gold Breakout Above $1,375 Targets $1,500-1,700+
It is not lost on us that Gold was setting up for a major breakout in both 2000-2001 and 2006-2007…
To learn which junior explorer is looking to drill some of the best holes in the world CLICK HERE OR ON THE IMAGE BELOW
US 30 year mortgage rate
Clearly looks like 30 year mortgage rates are heading back to the 2012-2016 lows (3.32-3.36%) if not lower still (see chart below).
(30 Year) Mortgage Rates Will Continue To Plunge
A break below the 3.32-3.36% area if seen would suggest a move to new trend lows with the base of the channel presently at around 2.29%.
Also, Saxo Bank’s Ole Hansen on gold…
Ole Hansen at Saxo Bank: “Gold needs to break above its wall of resistance soon in order to avoid a pullback from recently established longs. During a two-week period to June 11 funds bought a record 124k lots with most of that probably bought above $1320/oz. The silver short was cut by 57% to 8.5k lots.” (see charts below).
COMEX Gold: Managed Money Position
COMEX Gold: Managed Money Net
Also of importance…
Key Breakout Chart For Gold Bulls
Also, check out Peter Schiff, Art Cashin And Fred Hickey On The Calm Before The Storm CLICK HERE TO READ.
***KWN has now released the timely and informative audio interview with James Turk and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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