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Gold Forecast – Gold Prices Approaching Major Cycle Target
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Our work has been calling for one more decline in gold to mark the next low. The trend stalled in October over stimulus negotiations, but prices are now breaking lower
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The terminal decline usually lasts between 3 to 8-trading days; a bottom is expected next week.
GOLD DAILY
The final breakdown is underway, and gold should bottom in the opening weeks of November. Minimum target $1820. Prices could test the lower price objective near $1765 with a decisive Trump victory.
Our gold cycle indicator supports a cycle bottom when it drops below 100 and enters minimum cycle bottoming. It reached just 171 in September and never supported a bottom. Consequently, we continued to predict one final decline in precious metals.
The GCI closed at 142 and should drop below 100 in the coming days. We are likely approaching a significant low in precious metals.
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 more information, visit here.
About the Author
AG Thorsoncontributor
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 that will begin to unravel in 2020.
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