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Charts Predict: Gold at $1,500, Nikkei to Rally to 10,500

Posted By admin On December 15, 2008 @ 5:19 am In Money Watch | Comments Disabled

CNBC [1]
Monday, Dec 15, 2008

Gold has reached a good base of $730 and it looks likely to break out of that negative trend, Robin Griffiths, technical analyst at Cazenove Capital, told CNBC.

Griffiths sees the precious metal heading toward $1,500 in the next 12 months.

Gold has been in a prime uptrend for a couple of years, but for the last six months it has been falling back from $1,000 to $730.

Griffiths also noted that the Nikkei 225 Average found a base recently, and said the index is due to rally to 10,500 before the end of 2008.

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The British pound is likely to reach parity with the euro by the end of the year, while the pound likely to go down to $1.40 against the dollar, Griffiths predicted.

“The currencies that look very strong are partly the euro, but also the yen,” Griffiths said.

“Cash doesn’t give you a return, at the moment not one worth having, so the negative about gold has gone away,” he said. “It does traditionally preserve value both in panicky inflationary times and deflationary times.”


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URLs in this post:

[1] CNBC: http://www.cnbc.com/id/28233566

[2] Charts Predict: Gold Heading To $1,200: http://www.prisonplanet.com/charts-predict-gold-heading-to-1200.html

[3] Charts Predict: S&P to 1,050; Gold to $2,000 in a Year: http://www.prisonplanet.com/charts-predict-s-gold-to-2000-in-a-year.html

[4] Charts Predict: Gold Could Hit $2,000: http://www.prisonplanet.com/charts-predict-gold-could-hit-2000.html

[5] Charts Predict: Oil May Whip Back up to $100: http://www.prisonplanet.com/charts-predict-oil-may-whip-back-up-to-100.html

[6] Charts Predict: Dow 6,400 in Less than a Month: http://www.prisonplanet.com/charts-predict-dow-6400-in-less-than-a-month.html

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