Gold to Humble Down Again from Middle of March 2011
By kanti Mohan Pandit
Director, Center Business Intelligence & Forecasting
You have witnessed a long drawn up trends in global gold market. The price of gold, which was just $272.80 at the start of 2001 gradually moved up to the height of $1011 in middle of March 2008.Gold moved up 270% since 2001. There was correction after this great height and the price came tumbling down August 2008. I had forecasted in the Kitco Gold Forum about the price of $845 gold is likely to settle down around by 18th July. This exactly did not happen but downtrend was set later from 22nd July and touched $776 by 15th August.
Gold price moved up from$1233 on middle of August 2010 to $1403 on 12th December2010, which is a rise of 13.8% as whole. The London Gold price trends in 2010 have been encouraging for investors in gold. The price touching at $1128 on middle of January2010 witnessed a brief downtrend in Jan-February. Thereafter, gold price always maintained smaller new peaks in every month and touched $1403 by 12thDecember 2010. After a brief fall in gold price it again moved up and touched the present peak of $1438 by the first week of March 2011. In my earlier annual forecast for the year 2011 I indicated gold price to touch $1500 by middle of March. My close observation till today makes me review my forecast and present it fresh forecast of gold price not crossing the $1438 that is already witnessed earlier in March 2011.From 14th March Gold price to humble down again for one month at least. During this month gold is likely to lose about 15% of the price level it has achieved to touch around $12,155 per troy ounce. The price is again likely to lift up. We would review in April and present our forecast again.
This forecast is based on the basis of solar Functional Energy, which indicates that the price moving factor that is the combined module of solar energy profile saturated with electron T' and Resistant charges R' is breaking off and the proton energy factor A' is forming module with electron charges T'.
My next forecast will be made in April 2011
Best of luck and warning for precaution in managing your investment portfolio