Gold Price Forecast: Is Trump Making Gold Great Again?

Metals and Mining Update

Less than a month ago I wrote: Recent Cycle Lows Point to More Upside, Particularly for Miners. Miners continued to climb, supporting the potential for a slingshot rally into March. The chart below was posted January 3^rd.

GDX (January 3, 2025)

Miners started the year with a strong up gap, and I think we may have a cycle low at $33.42. A daily close below the $33.90 gap would nullify the potential for a bottom.

Miners are bouncing from their December low, and the key level to watch is $37.30. Progressive closes above that level would promote more upside, whereas failing to recapture that level in January would open the door to more consolidation.

Note: I see the potential for a slingshot move to the upside. Those odds will increase if prices close progressively above $37.30 quickly.

GDX Update (January 31, 2025)

Miners moved through major resistance in January, and if they maintain the recent breakout above $38.00, prices could target $43.00 in March.

Intermediate Outlook

Gold

Gold soared to a new all-time high. If prices are still above $2,800 next Friday, I see no problem with prices reaching $3,000 in February.

Silver

Silver broke cleanly above the downtrend line and closed firmly above $32.00. A daily close above $33.33 would be bullish, especially if it happens quickly.

Platinum

Platinum jumped over 5.00%. Progressive closes above $1,065 would promote an upside breakout targeting $1,250.

GDX

Miners gapped through major resistance (possible breakaway gap). The short-term trend is bullish as long as prices don’t close below $37.90. If this is a breakaway gap, I’d expect prices to close above $39.73 in the coming days.

GDXJ

I see the potential for a breakaway gap as long as prices don’t close below $47.25.

SILJ

Silver juniors are at critical resistance. Prices must close above $11.37 to secure a breakout. The next three trading days are crucial.

NEM

Newmont must hold the $41.60 price gap to promote a breakout. Upside follow-through above the 200-day MA ($44.93) would reinforce a quick run at $49.00.

BARRICK

Barrick gapped higher and finally closed above the 50-day EMA. Prices must get back above the 200-day MA to restore its bullish footing.

GDX vs. GLD

The GDX to GLD ratio closed progressively above the 50-day EMA, confirming a December low. Miners remain in a bear market compared to gold until the ratio gets back above the 200-day MA.

Next Week

• Upside follow-through in gold and silver would open the door to an explosive February rally.
• Gold and silver weakness after Friday’s employment report could put metals and miners in time out for a few weeks.

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