Citi technical analyst Tom Fitzpatrick has long argued that gold prices could surge. Indeed, he sees prices rallying to $2,500 within the next few months.
However, he cautions that prices are unlikely to see a straight line up, especially considering how quickly prices have surged lately.
“It’s been a fairly quick move over a short space of time,” Fitzpatrick tell King. “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.”
More from King World News:
Given where we’ve come from, gold has risen from almost the $1,500 level to the $1,800 area, could gold retrace back down to $1,675? It’s not at all impossible (see chart below). In the overall scheme of things it would just be a decent backfill.
Photo: King World News
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