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According to Citi technical analyst Tom Fitzpatrick, the charts are saying that gold prices are heading up.He has recently been calling for the yellow metal to hit $2,400 by the end of the year.
But in a new interview on King World News, Fitzpatrick says that $6,300 wouldn’t be unreasonable.
When we look at the move in 2006/2007, if we follow that trajectory it should take gold up towards $2,400.
But we see no reason why this gold trend cannot perform as well as the last bull market in gold between 1970 and 1980. If you replicated that move exactly, it will take gold to $6,300.
That’s one of the more bullish suggestions you’ll hear.
SEE ALSO: The Truth About Gold >
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