Today one of the greats in the business said the gold market is now on the cusp of a major breakout.
Gold Leading The Charge
December 4 (King World News) – Top Citi Analyst Tom Fitzpatrick: Gold looks to be on the cusp of a breakout very like the one we saw in June this year (see chart below).
DXY: During the initial impulsive part of that move in Gold during June (12%) we saw the USD-index fall about 2.5%…
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The present pattern on the USD-index looks like a double top with a neckline at 97.68. A close below would target at least 96.90 or about 1.50% from the recent high.
As the Gold surge began in June the USD got hit. A close today below 97.68 would be a double top suggesting sub 97.
Such a move, if seen, would take the USD index below good support at 97.02-97.14 and suggest even lower levels (especially given the bearish outside month seen in October).
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