Gold Price Forecast – Recent Breakout Supports $2,800 Price Target

Gold

Thursday’s breakout in gold supports a phase II rally towards $2,800. The most bullish outcome would be if prices finish next week above $2,650. In that case, I’d have to raise my price target closer to $3,000 immediately.

Silver

Silver could be on the verge of an explosive catch-up rally to gold. A weekly close above the May $32.75 high in September or October could ignite a surge towards $40.00.

Platinum

Platinum closed above the downtrend line, and we may have a breakout. Prices have been rangebound for years and need to clear $1,100 to register a significant breakout. At less than half the price of gold, platinum remains an absolute bargain, in my view.

GDX

Thursday’s bullish reversal day supports an immediate breakout to fresh highs. Back-to-back up gaps (should they hold) supports the potential for an accelerated advance. If gold reaches $2,800 before the elections, as expected, GDX could see $50.00 before year-end.

GDXJ

If Friday’s price gap holds, GDXJ could be on the cusp of an explosive run towards $60.00. With gold over $2,600, perhaps investors will finally wake up.  

SILJ

The silver junior mining ETF remains deeply undervalued. Upside follow-through that closes above the July $13.41 high would support a bullish breakout with a minimum target around $18.00. There’s no telling how high prices could go when silver breaks above $50.00.

Gold Weekly

Barrick Gold is above the 4-year trendline, and I see the potential for a major breakout, similar to 2019. If the rally holds, a run to $28.00 seems inevitable.

Closing Thoughts

Expect higher gold prices into late October. Gold could trade sideways or plunge into December, depending on the election outcome. Overall, I believe the gold bull market is just getting started and should last for the remainder of this decade.

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.