With gold trading near $1,240 and silver above $17, it now appears both of these markets are setting up for massive moves to the upside. Included in the piece below is a key illustration as well as an important first target for the upside advance in the price of gold.
Below is top Citi analyst Tom Fitzpatrick's key chart showing the breakout in gold along with his commentary which includes an initial price target for gold.
All That Glitters Is Gold
"Yesterday's close above the neckline at $1,227/Oz confirmed an inverted head and shoulders on Gold….
Continue reading the Tom Fitzatrick piece below…
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The pattern targets a 10.4% move higher to $1,355/Oz.
This target is close to the July high at $1,345/Oz.
Only a close back below the neckline at $1,227/Oz would have us reconsidering the pattern's robustness.
King World News: It's also important to note that the sentiment in gold, silver, and the shares are still near all-time historic lows. This bodes well for the advances in gold, silver, and the shares as there is a distinct lack of bullishness in both metals, and particularly the shares.
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