Today one of the greats in the business said the gold market has seen a major breakout that targets $1,700, but here is another bullish catalyst for the Metal of Kings.
Gold
January 6 (King World News) – Top Citi analyst Tom Fitzpatrick: “The breakout seen on Gold continues to follow a path very similar to that seen in the Summer of 2019 and suggests a move towards our $1,700 target.
Gold Breakout Following Similar Path Of Summer 2019 Breakout…Suggests Move Toward $1,700 Target
The break above the $1,480-$1,485 on Gold paints a picture that is very similar to what we saw as we broke out in June 2019. It has since also broken the trend highs overnight (set in Aug-Sept 2019) at $1,555-$1557. A sustained break (at least daily close) further validates our view that we could see a move towards at least $1,700 this quarter…
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Oil
Oil has also continued to move higher and looks to be on the cusp of a breakout.
ANOTHER GOLD CATALYST: Oil Now On The Verge Of A Major Breakout
Our bias has been that Crude looked set to complete a double bottom within a triangle that suggests higher levels can be seen. We are now potentially on the cusp of that break. A weekly close above $63.38, if seen, completes this double bottom and suggests the possibility of a move back close to the October 2018 highs above $76. Strong interim resistance is likely at the April 2019 highs of $66.60.
Also read this…
James Turk – 2020 Will Be Momentous For Gold & Silver
ALSO RELEASED: James Turk – The Iranian Trigger And Why 2020 Will A Be Momentous Year For Gold & Silver CLICK HERE TO READ.
One of Gerald Celente’s greatest audio interviews ever has been released and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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