What To Expect With Gold Assaulting $1,800 & Silver At $35
October 4, 2012
Today Tom Fitzpatrick spoke with King World News about the recent action in both gold and silver. Fitzpatrick has been astonishingly 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 gold has now been battling with that level for three straight weeks. 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: “The gold market is flirting once again with the critical $1,791 level today. Breaking through this level will be crucial in terms of establishing the momentum for the next leg higher. If gold can get a weekly close above that level, it really completes this pattern. This will then open up the target for gold at $2,060. It could come this year or perhaps in Q1 of next year.
But we believe that in Q1 of next year we could see gold as high as $2,450 to $2,500. Gold has pushed on this critical $1,791 level for two weeks in a row, and we closed both of those weeks essentially where we opened. So this is the third week in a row that gold has been assaulting that critical level.