Gold May Hit $850 Next Year

Source: Reutersáá(10/12/07)

"I am bullish on the metals complex and bearish on the dollar. I am still in the camp that believes that we will work towards $775 to start with, then $800 and then we could head up towards $850 at some stage," said Robin Wilkin, technical analyst at J.P. Morgan.


Gold will continue its bull run and gradually move towards an all-time peak of $850 an ounce in the next year, but the ride will not be smooth, chartists say.

Analysts, who predict future price movements by plotting past market performance on charts, say technical indicators have turned positive since last month with the metal's move to 28-year highs and the trend is likely to continue.

"I am bullish on the metals complex and bearish on the dollar. I am still in the camp that believes that we will work towards $775 to start with, then $800 and then we could head up towards $850 at some stage," said Robin Wilkin, technical analyst at J.P. Morgan.

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