Today top Citi analyst Tom Fitzpatrick sent King World News a key update on the action in the gold market.
Top Citi analyst Tom Fitzpatrick: Good resistance for gold comes in between $1,302 and $1,309. This was the break area on the way down and also where the potential top comes in (see chart below).
Gold has retested the break levels that were breached on the way down at $1,302 – $1,308. We also have what could be a short term channel top coming in there…
Continue reading Tom Fitzpatrick below…
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Fitzpatrick continues: At this stage we could not expect to see these levels give way, however a close above ($1,308) would need to be respected. Trend line resistance above this zone is at $1,329.
Also of importance…
Fear & Greed Index Shows More Extreme Fear
The Fear & Greed Index has moved from a reading of 19 down to 17, showing even more extreme fear. Are the stock markets setting up for a possible rebound (see below)?
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