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Analyst Fitzpatrick sees $1200 as Technical Support for Gold
Monday, April 15, 2013 9:17
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The setup for the video below reads: “Tom Fitzpatrick, chief technical analyst at Citigroup, talks about the outlook for gold. He talks with Tom Keene and Sara Eisen on Bloomberg Television's “Surveillance.” Nathan Sheets, global head of international economics at Citigroup Inc., also speaks.
Fitzpatrick sees parallels to the 1970s in what is happening with gold today. Specifically with this current correction. He suggests that investors add into the correction, but not all at once.
In 1975-1976 gold corrected more than 40% before catching a bid that would eventually take it more than 7-fold higher then.
Source: Bloomberg
http://bloom.bg/1153ktZ
2013-04-15 09:03:06
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