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Citi's Fitzpatrick: Charts Suggest Possible $3,500 Gold and $100 Silver

At the end of the day, we originally thought the $1,520 level would hold on gold. But once we broke that support level, it set up a very clear target in the mid $1,200s on gold for us.

Now that we’ve essentially achieved that target, our feeling has always been that a healthy trend gets healthy corrections. This is yet another healthy correction like we saw in 2008. The interesting thing is because of where we’ve come from, if we were to now follow, over the next three years, the move after we put in that 2008 low in gold in terms of magnitude, it actually suggests something in the region of $3,400 to $3,500 for gold...

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