After three down days in the precious metals, here is a key update on the gold market.
Gold Reverses Toward Support
September 10 (King World News) – Top Citi analyst Tom Fitzpatrick: “Gold posted a bearish weekly reversal last week after closing Friday below $1,517. That $1,517 level also marked the neckline of a short term double top.
Gold Sees Bearish Weekly Reversal As It Nears Support
That setup indicates a test of $1,479, which is right in the zone of supports seen between $1,475 and $1,480 (channel base and horizontal support). Stabilization there would suggest the correction down might be over, while a firm close below that zone would indicate a deeper pullback. Additional support levels below the base of the channel come in at $1,455 and then $1,437-$1,439.
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