On the heels of India raising import duties on gold by 50% in an effort to reduce surging demand, top Citi analyst Tom Fitzpatrick now believes silver may be set up for a stunning 56% surge. Fitzpatrick provided King World News with seven powerful charts which covered the gold, silver, palladium and platinum markets. Fitzpatrick has been incredibly accurate regarding his forecasts for both gold and silver, so pay attention silver bulls.
Here is what top Citi analyst Fitzpatrick had to say, along with powerful charts: “We have long believed that the present pattern on Gold is a consolidation prior to the next impulsive move higher. The charts below suggest the start of that move, which we believe will yield a move towards $2,055-2,060 and then $2,400, may now be “close at hand”. In addition, the set ups on Palladium, Platinum and Silver are all looking constructive.
Here is what top Citi analyst Fitzpatrick had to say, along with powerful charts: “We have long believed that the present pattern on Gold is a consolidation prior to the next impulsive move higher. The charts below suggest the start of that move, which we believe will yield a move towards $2,055-2,060 and then $2,400, may now be “close at hand”. In addition, the set ups on Palladium, Platinum and Silver are all looking constructive.
A
repeat of the momentum move seen between August 2007 and March 2008
could see Gold approach $2,400 as early as July this year (see two
circled areas on chart below).
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