Since the second wave up started (E-wave number 3) around mid July 2005 the Gold / USD exchange rate gained around 37%. I made a short study and found that from each bottom to date the rate of change was actually faster. Simple average of all rates of change per week will give a rate of change of 1.8% per week. This is a modest estimation since the rate has proven itself to be accelerating for the past half year.
So if we simply use this rate of 1.8% per week and the remaining 48 weeks for 2006 the number we get is 1068$, this is a realistic and conservative price target for gold in 2006. As the data will accumulate I will update this study and try to give more accurate prediction.
Click on the chart below to enlarge: