Gold Surges above $1,800 But This Will Trigger $30 Silver and $2,100 Gold
The comments below are an edited and abridged synopsis of an article by King World News
As silver and gold rally once again, it will trigger $30 silver and $2,100 gold.
Top Citi analyst Tom Fitzpatrick: The picture for both silver and gold has turned very constructive this week, suggesting that material gains can be seen in the weeks ahead.
Silver: It came down to test the same support area as held in the fall of September and November 2020, and it bounced; it is setting up for a potential double bottom off this support area just like that seen in 2020; it will post a bullish outside week off that support area if it closes over $22.61 on December 17; that would suggest a re-test of the 55-week MA and double bottom neckline at $25.17—$25.43; a weekly close above here would open up the way for gains towards $29—$30 again.
Gold: It will post a bullish outside week if it closes over $1,793 on December 17, suggesting a re-test of the recent high at $1,877; a break above here would extend the potential towards pivotal resistance at $1,917; a weekly close above here would complete a double bottom and suggest the potential for a move to new all-time highs around $2,100.
“I find these developments this week interesting as gold has tended to trade like a risk asset. However, this week as equities and crypto have been falling gold and silver have bounced sharply.”