Despite Choppiness, Gold To Have Massive Breakout In 2013
December 6, 2012
With continued volatility in gold and silver, today King World News wanted to share what top Citi analyst Tom Fitzpatrick released concerning the action in the gold market. Fitzpatrick has been incredibly accurate regarding his forecasts for both gold and silver.
Here is what top Citi analyst Fitzpatrick had to say, along with powerful charts: “Gold: Gold held the 76.4% retrace against the Nov low yesterday thereby giving an early indication that the correction down may have ended. Additional support comes in at $1,669.
The correction down on Gold stalled at the 76.4% retracement against the low on 11 November. This retracement level came in at $1,692. This is not so dissimilar in “pattern” from the setup seen at the lows throughout May – July this year, although the magnitudes have been smaller this time.
What followed in July was choppy price action but overall higher lows and eventually a bullish break. Another similarity between now and then is that Gold posted a bullish outside week / weekly reversal on both occasions…