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Charts Predict: Gold Could Hit $2,000

CNBC.com
Wednesday, 7 Oct 2009 | 5:28 AM ET

The price of gold will continue to rise and outperform stock markets and could go as high at $2,000, depending on the strength of the S&P 500 index, according to Chris Locke, managing director at Oystertrade.com Management.

Gold has already passed the $1,000 level, and “the next point should be pretty quickly to $1250-$1300,” Locke told CNBC Wednesday. He said “no matter what happens to stocks and stock industries gold will outperform.”

Charts: If S&P Holds, Gold Could Hit $2,000
Gold's value is on the rise, according to Chris Locke from Oystertrade.com Management. He told CNBC Wednesday that â??the next point (for gold) should be pretty quickly to $1,250-$1,300.â? He also said that gold will outperform stock s and added that if the S&P can hold at the 1,050 level, then the value of gold â??should move to around $2,000.â?

Because of the current strength of gold, “dips should be very well supported,” he said, adding that “if the S&P holds around the 1,050 level, then gold should move to around $2,000.”

Locke’s outlook for the S&P 500 remains bearish.

“We’ve broken this uptrend from the lowest point of momentum last October,” he said, adding that “cracks are beginning to show for the S&P.”

- For more information on gold, the S&P500, and corn, watch the full interview above.

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