Sunday, March 14, 2010

McEwen Predicts $2000 GOLD in 2010

I have showed you McEwen's favorite DOW:GOLD ratio charts. In fact, McEwen's DOW:GOLD ratio target is 0.5. In his recent interview with Kitco, he is predicting $2000 GOLD in 2010 and $5000 GOLD when the dust clears. Let's see how McEwen's $2000 target for 2010 lines up with a Fibonacci extrapolation:

Notice how the TRIX(8,5) oscillator is flattening and looks like it want to curl up. I like to use Fibonacci numbers for TRIX periods to look at trends in different time frames. Let me show you:

Weekly chart:

Note how the long term TRIX (55,34) and (89,55) are looking like they are forecasting higher GOLD prices.

Daily Chart:

Short term TRIX (21,13) and (34,21) are forecasting higher GOLD prices as well ... In the medium term, it looks like GOLD is still consolidating - like a hurricane gathering energy ...

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