Gold Forecast – Prices Bottomed and the March Towards $2100 Has Begun

In late September, I wrote the final washout in metals and miners is underway. Prices bottomed a few days later, and a new rally has begun. We believe gold futures could breakout above $2100 before year-end.

Video update and attached charts below.

Big Picture Chart

The monthly chart of gold is in a “Launch Pad” setup comparable to 2004/2005. A decisive upside breakout is likely in the not-too-distant future, and this could be one of the last times to buy physical gold under $2000 per oz.

Price Target: Our technical work supports an $8000+ price target around 2030 (+/- 2 years).

Gold Futures Weekly

A weekly breakout above $2090 before year-end would be incredibly bullish for all precious metals and miners.

Gold Futures Daily

A strong rally above the trendline in October would setup a retest and possible breakout to new all-time highs before year-end.

Silver Futures Daily

If silver closes the week above $22.50, it will reverse last week’s breakdown, signaling a new advance. Progressive closes above $26.00 would support a major breakout.

GDX Daily Chart

Gold miners remain deeply undervalued and may be on the verge of an epic rally. A breakout above the upper trendline in the coming days would support this outlook.

Roughly every three or four years, miners enter a parabolic advance, leaving many investors behind. Could that be happening now?

Our Gold Cycle Indicator is rising out of maximum cycle bottoming, suggesting precious metals have started a new 3 to 4-month advance.

Gold Price Forecast Video by AG Thorson

Conclusion

The final washout in metals and miners is over, and we may be in the beginning stages of a substantial advance. When gold breaks above $2100, I don’t think it will stop until it approaches $3000. Gold miners could soar from here.

AG Thorson is a registered CMT and an expert in technical analysis. For regular updates, please visit www.GoldPredict.com.