After some of the wildest 24 hours of trading the gold market has ever seen, look at who just said that despite the volatility, gold may hit $2,100 this year.
January 8 (King World News) – Top Citi analyst Tom Fitzpatrick: Our bias remains for a move towards $1,700+ at a minimum with an argument to be made for a possible move to and maybe even above the all time highs.
Despite Pullbacks, $1,700+ Gold Is On The Way
We continue to hold the view that Gold can head to at least the $1,700+ area (possibly in Q1 2020).
This is both the target of the inverted head and shoulders and the 76.4% pullback of the fall from $1,921 to $1,043. The rising trend line off the Feb and Sept 2019 highs also converges with this area…
While the initial break higher this month was accompanied by elevated geopolitical risk the underlying picture looked bullish long before this development. This suggests that while some calm on that front might create a bit more choppiness near term they underlying bull trend remains intact.