Hey;Bill: Thank you very much for you posting. I found that our forecasting of that yellow metal price has some similar pattern, I forecast that gold will hit $561.00 U.S. by Y2K, you forecast that gold will hit $600. within 3 years. Also, I emphasize that gold first has to break that $316. and you mention that gold has to break that $315.00
I bet we both use the same fundament and technical as well. I am so glad that in this world we have the same forecast pattern at least I feel that I am not any more alone other times, people are screaming at me and advised me I need some sort of medication or shock therapy especially by this thread good market traders Mr. John L. He always commented to me and said to me that I am out of some sort of disorder or something.
Truly, it appears to me if that gold could break that $316 in this few weeks [I agree with you it would take a while to overcome this big big barrier.] but it will materialize sooner rather later.
For example, Alan Greenspan and his FOMC meeting as of today, market is very anticipating FED will lower fed fund rate by .25 or even .50 or even thinking that FED will cut that discount rate, but gold still hang in very support at that $295.00 level. If deflation is so fearful and FED is easing; gold should went down to that $275 or even hit new lows etc..... form this observation, this down turn of commodity [gold] cycle is ending WE ARE FOR SURE HEADING TO A BIG INFLATION CYCLE. WE ARE ENDING THAT 19 YEARS cycle.
To be fair, my $561.00 is 50% retracement of this cycle and your $600.00 is I bet 66.7% re-tracement[Fabonacci retracement.]
Many thanks again for your insight, I indeed enjoy reading it.
Best regards;
John |
