Charts Predict: Gold Could Hit $2,000
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.”
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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