Yahoo Finance Gold Price Forecast – The Next Great Buying Opportunity
This week’s breakdown suggests gold is entering the final stage of the intermediate decline that began in September. Our primary forecast calls for a bottom by late November or early December.
In my article, Look for a November Breakdown, I stated: “I think gold may be set up to pull the rug out from under investors.” That turned out to be timely – after some post-Fed deliberation, gold formed a secondary high on November 1st, and prices immediately began to break lower.
Below is the chart posted on November 1st, depicting the potential for a top and subsequent decline. The 6-month target remains valid.
Potential Target
The $1380 – $1420 area makes the most sense and covers the 50% – 61.8% retracement levels of the previous advance. However, I can’t rule out a backtest of the $1360 breakout level. Concerning timing, trend changes (bottoms/tops) often occur in the opening days of a new month – so early December is favored.
Gold Cycle Indicator
Our proprietary cycle indicator slipped below 200 for the first time since May 2019. A reading below 100 (currently 159) suggests gold is entering the bottoming phase of its 6-month cycle.
Overall, I believe gold is in a new bull market, and prices are heading much higher. The next 6-month low may become one of the last great buying opportunities.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, please visit https://goldpredict.com/
This article was originally posted on FX Empire
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