Gold & Silver Base Near Completion, Expect Massive Breakouts
November 29, 2012
With continued volatility in gold and silver, today King World News spoke with top Citi analyst Tom Fitzpatrick, who put together a set of charts exclusively for KWN which showed gold and silver bases nearing completion and preparing for massive breakouts.
Here is what top Citi analyst Fitzpatrick had to say, along with powerful charts: “Overall, the price action that we are looking at in silver is very constructive. In recent weeks we had a down-move which took us just below the 55-week moving average. But we came off those lows very nicely with a weekly reversal on the week of the 5th of November.
“We now have two levels we are watching. The first zone is $35 to $35.70. This marks the highs from October of last year and so far this year. Above those zones, the most important area still remains the $37.50 level we saw in February. We still believe this is a triangle formation that we’ve broken out of, with a double-bottom within it.