This will trigger the bottom of the pullback in the gold market and the move to new highs.
Sweden’s Graddhy and Citi’s Fitzpatrick On Gold
November 8 (King World News) – Top Citi analyst Tom Fitzpatrick: “Gold is testing strong support in the $1,452-$1,459 area. A Weekly close below, if seen, would suggest a danger of a deeper correction with the next good support area down around $1,400.
Gold Platform Or Trapdoor?
There remains a danger that in the near term we can see:
* Higher US yields in a bear steepening environment.
* Higher equity prices.
* Respite in recent US Dollar weakness.
If Gold Holds, Look For Break Above $1,520
While we believe this scenario is temporary and will give way to lower yields and further curve steepening, right now the dynamic is not heavily supportive of Gold. As a consequence this support area needs to be watched closely and respected. If it did manage to hold it is possible that a double bottom within a triangle is forming. It would need a hold here and a break above $1,520 to confirm and would target gains towards $1,600.
And here is Graddhy’s take on gold…
This Move In Gold Will Be Very Quick
Graddhy out of Sweden: “This thin zone will probably make this a quick drop and a quick recovery, giving us an end around the apex move. (See below).
Gold Will See Very Quick Move Down And Recovery That Sets Up Next Surge To New Highs
Remain Focused On The Big Picture
Graddhy out of Sweden: “My long standing weekly roadmap is perfectly on track in its original form. Looks like we will have this ICL (Intermediate Cycle Low) within 4-5 days now and for the next ICH (Intermediate Cycle High) I am looking for 1700-1800. (See below).
Stay Focused On Gold’s Massive Bullish Cup & Handle
***KWN has just released the powerful audio interview with Alasdair Macleod and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
Michael Oliver On The Plunge In The Gold Market
READ THIS NEXT! This Is What Michael Oliver Had To Say About The Plunge In The Gold Market CLICK HERE TO READ.
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