ML-Implode News - Citibank's Fitzpatrick Analyst Extraordinarily Bullish Gold, Oil & US Dollar

"With the exception of 2008, when everything obviously came down together in a mass washout in financial markets, gold has never been able to really move down much below its 55 week moving average.Â In every period it has done that, it's been the platform for the next move higher. We've done that again here, and the present pattern we look at is setup similarly to that of 2006. In 2006 we had a similar type of consolidation and sideways moving pattern, which eventually gave way to a significant push to the topside. We believe the same thing is happening again here.''

Good charts in this, particularly of the starting-2006 vs. starting-2010 gold price performance. He also talks about how he sees the dollar rallying (essentially benefiting from the Euro crashing). That is interesting because it would imply Bernanke failing -- if the dollar appears to strengthen too much, the Fed might act even more aggressively to stop that. Remember we are in a currency war (race to the bottom) right now.

Relevant:

Citibank's Fitzpatrick Analyst Extraordinarily Bullish Gold, Oil & US Dollar