Today one of the greats in the business said the gold price has bottomed and is joining the reflation party, but this will ignite the gold price even higher.
As the Sun Rises:
December 2 (King World News) – Top Citi analyst Tom Fitzpatrick: As the Sun Rises: DXY’s (US Dollar Index’s) Long Waited Break Through Pivotal Support DXY closed below a good support range at 91.73-91.75, which consists of a 76.4% pullback and a horizontal support from the Sep 2020 low. This should send DXY (US Dollar Index) lower to test 88.25, which is a neckline of a potential double top. Below the neckline, we also have a 200 month MA coming at 86.87, and a close below this level should accelerate the decline towards the double top target at 73.51.
MAJOR GOLD BULL CATALYST:
Breakdown May Send US Dollar Plunging To 73.5!
DXY (US Dollar Index) also posted a bearish outside month at the close on Monday, supporting our view for extended medium term losses…
Billionaire Eric Sprott just bought a 20% stake in a mining company
to find out which one click here or on the image below
Gold
Gold regained the pivotal support range at $1791-$1803, consisting of key horizontal levels and a 200 day Moving Average, and completed a morning star formation. This could be a signal that the Gold price has bottomed and is joining the reflation party.
Also just released! Gold, Silver And Mining Stocks Explode Higher, Silver Is Set To Soar CLICK HERE TO READ.
New KWN Weekly Metals Wrap
Featuring Alasdair Macleod!
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