Gold Price Forecast – Gold Expected to Target $2,450 in December

Gold Monthly

The post-election decline in gold has been disappointing, but it’s important not to lose perspective. Gold confirmed a major bull market breakout in 2024 that should push prices towards $10,000. The current decline will be a distant memory and barely recognizable come 2030.

Gold Daily

Gold reached our $2,800 target in October and prices are bouncing after the initial breakdown. Once this rebound is complete, our work supports one more drop in December that could test $2,450 before bottoming in the next cycle low.

Silver

Silver is not confirming the recent move in gold and is showing relative weakness. This bounce should be limited to resistance near $33.00, followed by more downside in December. If silver continues to underperform – prices could retest the $26.50 area.

Platinum

Platinum formed a bearish engulfing candle after testing the 50-day EMA. After this rebound, more downside is likely, which could take prices below $900.

GDX

Miners are bouncing with near-term resistance near $39.00. It would take progressive closes above $40.50 to support a bullish reversal. Otherwise, more downside is likely in December.

GDXJ

Juniors are bouncing towards resistance near $49.50. Prices would have to close progressively above the election day high of $51.62 to establish a bullish reversal. Overwise, I’m looking for more downside in December.

SILJ

Silver juniors are bouncing and could fill the gap near $13.20. Prices would have to close progressively above the election day high ($13.68) to restore bullish momentum.

Bitcoin

Bitcoin is a stone’s throw away for 100k. The MFI is overbought, and we could see a pullback on profit taking. Crypto appears to be in a new bull phase that should last into Q4 2025.

Conclusion

Gold surged nearly $1,000 from its October 2023 low and is now taking a necessary pause. The current rebound appears to be driven by geopolitical factors but lacks confirmation from silver or platinum. Additional downside is expected with a bottom likely in December (around the Fed announcement).

AG Thorson is a registered CMT and an expert in technical analysis. For more price predictions and daily market commentary, consider subscribing at www.GoldPredict.com.