Gold Price Forecast – Miners Set for Breakout as Gold Reaches $3,000

Gold

Gold closed above the February high, and futures breached $3,000. We are at a massive physiological level. Our cycle work calls for a top in the second half of April. If the Fed announces an end to quantitative tightening, a spike above our baseline target of $3,150 is likely.

Silver

Silver closed above the February high, and we could see a breakout above the October peak in the coming days. I’m not expecting a cycle top until April, so we could have another 4 to 6 weeks for potential upside. A strong momentum thrust through $35.00 would open the door to $40.00+.

Platinum

Platinum closed above $1,000, and now we need a momentum thrust back towards $1,065 to promote a breakout.

GDX

Miners finished above last month’s high, and a challenge of the October peak seems imminent. I’d like to see a strong thrust through $45.00 to build upside momentum.

GDXJ

Juniors finished above the October high and are set to retest the peak of $61.35 set during the 2020 Covid spike.

SILJ

Silver juniors made a fresh high, and progressive closes above $12.30 would confirm a breakout that should propel prices towards the October high.

NEM

Newmont finished back above the 200-day MA, and I’d like to see strong momentum thrust through $48.00 next.

BARRICK

Barrick made a fresh high, and the trend could kick into high gear once gold breaks family above $3,000.

Bottom Line

Gold hitting $3,000 is a major milestone. Now it’s time for silver, platinum, and miners to play catchup.

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.