Looking at the six month chart on GLD, a basic analysis is to project a second price move, that equals the run from 65 to 84. That would take gold to about $1000.
At Kitco, Jon Nadler includes this nugget (link):
Merrill Lynch & Co. is forecasting spot gold prices will average $750 an ounce in 2008, up 7.6% from 2007 and ranging between $700 and $900 an ounce,
Schaeffer's reports some activity in the $200 call options on oil (link). Keep in mind that these options may be part of a spread or other other hedging behavior. If $200 a barrel oil does come, odds are that gold will likely go much higher than $1000, even though gold has lagged oil during the past couple of years, in terms of percentage gains.
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