Gold Forecast – Gold Prices Approaching Major Cycle Target

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Published: Oct 29, 2020, 07:49 GMT+00:00

Our work has been calling for one more decline in gold to mark the next low. The trend stalled in October over stimulus negotiations, but prices are now breaking lower

In this article:

Gold

+0.86%

The terminal decline usually lasts between 3 to 8-trading days; a bottom is expected next week.

GOLD DAILY

The final breakdown is underway, and gold should bottom in the opening weeks of November. Minimum target $1820. Prices could test the lower price objective near $1765 with a decisive Trump victory.

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Our gold cycle indicator supports a cycle bottom when it drops below 100 and enters minimum cycle bottoming. It reached just 171 in September and never supported a bottom. Consequently, we continued to predict one final decline in precious metals.

The GCI closed at 142 and should drop below 100 in the coming days. We are likely approaching a significant low in precious metals.

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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, visit here.

About the Author

AG Thorsoncontributor

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 that will begin to unravel in 2020.