FSU Editorial: "Gold Could See $1,000 in 2008" by Robert McHugh 12/31/2007

GOLD COULD SEE $1,000 IN 2008
by Robert McHugh, Ph.D.
December 31, 2007

Gold finished the Minor degree wave 3 of Intermediate degree 1 up on May 12th at $730.40, and has decisively surpassed that level, a Bullish breakout. It came close to hitting a new all-time high, above $850.00. It got to $848 on November 7th, 2007. It closed November with an average daily price over $800 an ounce for the first time ever. Gold is rising sharply once again.

Gold’s Minor degree wave 4 was a Symmetrical Triangle, a consolidation pattern of the Minor degree wave 3 rally that started back in 2001 and extended into the May 12th, 2006 top. Waves a through e within wave 4 are complete. A break above $730 confirmed that the triangle is complete, and wave 5 up is underway. Wave fives typically extend with precious metals, so for wave 5, $1,000 is not out of the realm of possibility for Gold in 2008. Minuette wave i up of 5 up has not yet completed. Gold revealed itself to be forming a Symmetrical Wave 4 pattern, a five wave pattern of three waves each, that started at the $848 top on November 7th. This pattern looks complete, is textbook, is Micro wave 4, and Gold has predictably broken out higher from this pattern, wave 5 of i up.

© 2007 Robert McHugh, Ph.D.
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CONTACT INFORMATION
Robert McHugh, Ph.D.
Main Line Investors, Inc.
TechnicalIndicatorIndex.com
Kimberton, PA USA
Email l Website

The opinions of FSU contributors do not necessarily reflect those of Financial Sense.