Gold Headed To $1,700 By March, Analysts Say

FORBES---"Get ready for a fast and sizable pop in gold prices. The cost of buying one troy ounce of the metal will likely rise by around 15% over the next couple of months, analysts say. The reason gets to the heart of how prices of financial assets move over time. They go up, and they go down in somewhat predictable patterns, at least for those who know. In the case of gold, the price fell from $1,546 a troy ounce in September down to $1,455 on November 12...Since then, the gold price has mostly moved broadly sideways, but is now beginning to turn upwards once again and should continue to rally over the next few weeks. 'Gold got very overbought into late August / early September, and since then it corrected its overbought reading,' states a recent report from Wolfe Research by John Roque and his colleague Rob Ginsburg. In this case, the two authors say the 'turn' is on, and the next short-term move will likely see a surge of around 15% over the next 75 days or so....If history is a guide, then expect gold prices to rally 14% to $1,679 an ounce by the end of February."