tag:blogger.com,1999:blog-38801460221665640292024-03-12T17:57:28.823-07:00ProfitimesWhen it's time for Profits, it's Profitimes!Willem Weytjenshttp://www.blogger.com/profile/03231599703648302879noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3880146022166564029.post-66380725433413227792013-08-07T15:15:00.000-07:002013-10-26T15:16:15.807-07:00Gold - Targetting $978?<div class="entry-content">
In this article, I will explain why I expect Gold to decline to +- $1000 before rallying sharply with a final target of $7500+ per ounce between 2017-2018.<br />
<br />As you can see in the chart below, the Fibonacci levels are working well, with each level acting as support and resistance.In this case, the 100% level is the 2011 top.<br />
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<a href="http://profitimes.com/wp-content/uploads/2013/08/Gold_ST.png"><img alt="" class="alignnone size-medium wp-image-14168" height="146" src="http://profitimes.com/wp-content/uploads/2013/08/Gold_ST-300x146.png" title="Gold_ST" width="300" /></a><br />
In 1976, gold bottomed exactly at $100, before exploding to $875 early 1980. So that $100 level was very important to say the least. Many people threw in the towel back then, only to see gold rise ever higher.<br />That's why I chose that level as a starting point, as I began playing with Fibonacci levels.<br />
For now, Gold's all-time high was set in 2011 at $1.921,10, so that also has to be an important turning point.<br />
So I took $100 as the 0.00% level, and $1.921,10% as the next level, being 23.60%, thereby assuming that we haven't reached Gold's top yet, and that the decline since 2011 is only an interim correction.<br />
That results into a $7.816,70 per ounce price to get to the 100% level!<a href="http://profitimes.com/wp-content/uploads/2013/08/Gold_MT.png"><img alt="" class="alignnone size-medium wp-image-14169" height="138" src="http://profitimes.com/wp-content/uploads/2013/08/Gold_MT-300x138.png" title="Gold_MT" width="300" /></a><br />
Gold had been fixed at $35 for years, so I also chose to take that as a starting point. Then I got to a price target of $8.027,20 per ounce!<br />
<a href="http://profitimes.com/wp-content/uploads/2013/08/Gold_LT.png"><img alt="" class="alignnone size-medium wp-image-14170" height="138" src="http://profitimes.com/wp-content/uploads/2013/08/Gold_LT-300x138.png" title="Gold_LT" width="300" /></a><br />
BUT... Now it gets interesting...<br />
When we take $35 as the 0.00% level and $1.921,10 as the 100% level, then we can see that all fibo levels act very well as support and resistance (see the red and green arrows on the chart below).<br />We can also see that $1,200 (which is roughly the level where gold bottomed recently) is a fibonacci level. The next support comes in at $978.07, which is the 50% level.<br />The interesting thing about this, is that it is also the 0.00% level in the first chart I showed you, meaning that that is the final target for this correction - which began in 2011.<br />I expect Gold to drop towards this level somewhere between early and mid 2014, before exploding higher towards $7.500-$8.000 (the 423.60% level), somewhere between 2017-2018.<br />
<a href="http://profitimes.com/wp-content/uploads/2013/08/Gold_ULT.png"><img alt="" class="alignnone size-medium wp-image-14171" height="138" src="http://profitimes.com/wp-content/uploads/2013/08/Gold_ULT-300x138.png" title="Gold_ULT" width="300" /></a><br />
To be continued…<br />
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Willem Weytjenshttp://www.blogger.com/profile/03231599703648302879noreply@blogger.com0