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CITI: Gold Has Fallen To A Pivot Point, Minimum Price Target Now $2,055

Sam RoFeb 16, 2013, 17:14 IST

Gold fellow below $1,600 on Friday. This is a six-month low.

According to Citi technician Tom Fitzpatrick, this is exactly where you want it to be if you're a gold bull.

Eric King of King World News has a clip from Fitzpatrick's latest note.

“We believe we have just reached the ideal pivot for gold to form a base and move higher as it did after the 16 month consolidation in 2006-2007," wrote Fitzpatrick who now has a “...a minimum (price) target of $2,055-$2,060.”

Here's Fitzpatrick's chart:

Citi via King World News