USD EVERYWHERE!!!!!!!!!!!!!!!!!!!!!!!! I'll take gold at $600 all day, wish I could take all my profits in gold rather than USD when I trade but, keeping a small treasure for a rainy day will pay off. Hope that same guys is predicting USD index DXC to break 80. If that happens hello $800 gold. MM
Just a thought, from my journal. "If there is a dark cloud calling for a re-evalution of gold, it's the similiarity of this current chart behaviour to the first quarter of 1996 , which established a long lasting bearish pattern." If youve seen those charts , you know what i mean. Real gold bulls might not have made it TO the tech bubble, scary stuff. Anyhoo, just a thought. BTW, i just noticed, thats a full ten year macro cycle.
Hi! If you look at a 30-year chart of Gold. You'll notice that it is retracing its bear market of the early 1980's, step by step. Just like the SPX is retracing its bear market of 2000-2002, step by step. $875 looks like the next target, just as SPX 1553 does.
Hi! He's looking for 59.50 - 60.00 GLD over the next couple of weeks for a low. And SPX 1460's before a meaningful correction. Was very bullish at the July lows around 1250.
Typically, after a decade+ secular bear market in any market asset, once a new secular bull market gets underway, the highs from before are not only reached but exceeded, or at least reached in real terms. Once you take into account inflation, gold would have to go to like $2000+ just to get back to its prior bull market high. So yes, I think it will reach $875, perhaps exceed it a bit, it will probably have a sharp pull back right after. But then after that correction ends, it's definitely on the cards that it goes past $1000 and maybe even to $2000 or higher in subsequent years. So don't just look at $875 and think that will be it.
Sweet........looks like a rough longer term median line at 640, on this. http://charts3.barchart.com/chart.a...&vol=Y&evnt=adv&grid=Y&code=BSTK&org=stk&fix= Nice work, people , i dont think anyone was way off mark so far. But, $800 plus from here, this year? It could do it you know, my miscalculation of USD strength so far in the current quarter could leave gold with some wind up time on this one. I would be flabbergasted if dec07 gold even touches the 600$ mark, but anythings possible; elections in 08, right?
At the current rate Gold should hit $875 some time this year. Possibly in a blowoff top. It's not following oil or the dollar. So they will not be any help either way.