Gold Forecast – Double Bottom Breakout Supports $2000 Gold by AugustThe double bottom in March looks complete, and we expect a multi-month advance and retest of the $2000 level by August.
Gold entered a prolonged correction after reaching new all-time highs in 2020. The double bottom in March looks complete, and we expect a multi-month advance and retest of the $2000 level by August.
If you’re new to precious metals, gold investors need to have nerves of steel. Corrections in this space are trying events due to duration and severity. The last 8-months was no exception. If you are still standing – congratulations!
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Gold Forecast Near-Term
Gold is confirming a double bottom breakout, and prices should begin to stairstep their way back towards the $2000 level, possibly by August. I continue to see deep value in gold miners and believe they will outperform metal prices moving forward.
Gold Forecast Long-Term
Below is the Monthly Gold chart. Gold broke out of a 6-year base and confirmed a new bull market in 2019. Prices have pulled back to the 20-month moving average (first test in a new bull market). The last time this setup occurred was in 2004.
Later this decade, we believe gold will reach $8500+ with a real chance of exceeding $10,000 if governments continue with their experiments with modern monetary theory.
Our Gold Cycle Indicator is at its most bullish reading (ZERO) and the Premium Educational Portfolio has been buying miners aggressively. I believe it is well-positioned for the next advance.
We recently updated our Top 10 Speculative Gold Stocks. Several companies have gold in the ground selling for just $10 per ounce. For more updates, please visit here.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle.
For a look at all of today’s economic events, check out our economic calendar.