With crude oil tumbling once again and the precious metals also trading lower, today top Citi analyst Tom Fitzpatrick sent King World News a key update on the action in the gold market.
From top Citi analyst Tom Fitzpatrick: “An environment where US equities are performing well and where US yield curve is rising should proved negative headwinds to gold.
Gold has turned lower off resistance at the 55 week moving average and we are now testing support in this area from $1,191 – $1,200 where the May low and the high from October 2015 come in…
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A weekly close below those levels would open the way for a move back to the trend lows at $1,123 (see chart below).
Beyond there, the March 2008 highs and December 2015 lows come in from $1,034 – $1046.
It is also worth noting that weekly momentum has crossed lower from stretched levels.”
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