CITI: Gold Has Fallen To A Pivot Point, Minimum Price Target Now $2,055

tom fitzpatrick citiCiti’s Tom Fitzpatrick

Photo: Reuters via YouTube

Gold fellow below $1,600 on Friday.  This is a six-month low.According to Citi technician Tom Fitzpatrick, this is exactly where you want it to be if you’re a gold bull.

Eric King of King World News has a clip from Fitzpatrick’s latest note.

“We believe we have just reached the ideal pivot for gold to form a base and move higher as it did after the 16 month consolidation in 2006-2007,” wrote Fitzpatrick who now has a “…a minimum (price) target of $2,055-$2,060.”

Here’s Fitzpatrick’s chart:

gold fitzpatrick

Photo: Citi via King World News

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.