What To Expect Next After The Recent Surge In Gold & Silver

Wednesday, September 26, 2012
By Paul Martin

September 26, 2012

Today Tom Fitzpatrick spoke with King World News about the recent action in both gold and silver. Fitzpatrick has been incredibly accurate in forecasting the movements of gold and silver. He has been noting $1,791 as a key level in gold for some time on KWN, and remarkably gold went almost to the dollar to that number, hitting $1,790 before pulling back. Now Fitzpzatrick lets KWN readers know what to expect next.

Here is what top Citi analyst Fitzpatrick had to say, along with some powerful charts: “We’ve had the move up and we got very close to that $1,791 level I had projected (gold hit $1,787). But it’s been a fairly quick move over a short space of time. We also get a bit of a push on the backs of the announcements of additional QE, but we do look to be losing a little bit of momentum short-term.

We had a very indecisive week last week, and so far we a bit of a down dynamic to this week. So it wouldn’t be surprising, given the speed of the move, that we see a little bit of a consolidation, a little bit of backfilling.

The real key is to eventually get that weekly close above $1,791, which will propel gold higher….

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