It’s no secret that the gold market has been rallying recently, but did Citi just call for $1,500-$1,700+ gold?
Gold: An Explosive Move Higher In The Months Ahead
June 6 (King World News) – Top Citi analyst Tom Fitzpatrick makes major call on gold: Gold looks to be on the threshold of what could turn into an explosive move higher in the months ahead…
Gold is making its way back into the global monetary
system, to learn more CLICK HERE!
Gold “Coiling” For Explosive Move Higher, Possibly $1,700+
It (gold) looks to be “coiling” having completed two 76.4% pullbacks and now a potential inverted head and shoulders pattern at $1,341 that would suggest north of $1,500 IF it gives way on a weekly close basis (see chart below).
Gold “Coiling” Ahead Of A Violent Move To The Upside
If this is accompanied by a break of the pivotal levels at $1,358-1,375 we would expect this move to accelerate. $1,500+ would be a minimum target on this move with an extended target above $1,700 possible (see chart above).
Risk Off Dynamic
This fits very well with our bias of further risk off dynamics in the months ahead as well as a weaker US dollar.
32% Rally In Gold Over 3 Months
It is not lost on us that we saw gold also in an extended consolidation in 2007 before breaking out impulsively to the topside just 2 weeks before the first Fed cut (50 basis points) in September that year. Resulting in a 32% rally over 3 months from August to November that year (see chart below).
32% Gold Rally In Just 3 Months!
Don’t forget to read Art Cashin’s remarkable piece titled A Day The World Will Never Forget by CLICKING HERE.
***Also just released: Is A Massive Gold Breakout Above $1,350 About To Unfold? CLICK HERE TO READ.
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