Gold Market Set For Stunning $550 Surge & 46% Spike In Silver

More good reading. I mentioned not to long ago that 2014 was going to be an interesting ride for gold and silver. I'm not the only one who thinks so. Read on and decide for yourself. Peace: CYA:SE
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On the heels of another surge in gold and silver, today top Citi analyst Tom Fitzpatrick sent King World News two incredibly important charts which show that gold may now be set up for a stunning $550 surge and silver for a massive 46% spike.  Below are the key gold and silver charts that all KWN readers around the world need to see, along with Fitzpatrick’s comments.

Fitzpatrick comments and charts below:

Gold: 

“Gold has traded above very good resistance in the $1,350 to $1,362 range:

$1,350: 55-week moving average

$1,353: Top of channel from the 2012 peak

$1,362: Peak of bounce seen in October 2013....

A weekly close above this range would open up the way for a test of the pivotal double bottom neckline at $1,434.

A weekly close above this ($1,434) level would complete the double bottom and suggest extended gains towards $1,680 - $1,685.  Such a move would take us back above both the 200-week moving average at $1,493 and the horizontal resistance (previously support) from 2011/2012 at $1,523 - $1,527.

Such a move, if seen, would strongly suggest that the corrective low is in and that a re-test of the all-time highs at $1,921 and beyond is highly likely.

Silver:

Surprisingly silver has, to date, been lagging gold in this last move higher.  Good resistance stands overhead and needs to be broken to signal the next leg higher:

$21.94: Downward sloping trend line (see chart below)

$22.16: 55-week moving average.

A weekly close above this range would open up the way for a test of the double bottom neckline at $25.10.

A weekly close above ($25.10) would open up the way for gains towards $31+.

Interim resistance is met at:

$26.08 - $26.40: Major horizontal supports (now resistance) in 2011/2012 that gave way in April 2013.

$28.27: 200-week moving average.

King World News note:  If you look at the charts above, you will note that gold has already broken out above its key downtrend line.  For the silver market to do this it must get solidly above the $22 level.  A break above $22 will bring in more speculative buying which is necessary to fuel the potential rise that Fitzpatrick describes.

IMPORTANT - KWN has many more interviews being released today.

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