Gold Forecast – Gold Prices Approaching Minimum TargetThis correction in precious metals has been exhausting. One day prices appear to be breaking out, the next day – they are collapsing.
These whipsaws have certainly destroyed trading accounts. Thankfully, the pain could be over soon as our gold cycle indicator is finally starting to support a bottom.
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GOLD DAILY CHART
Technically, we are still in the timing band for the original 6-month low (late October to first 2-weeks of November). So, if gold reaches $1790 – $1820 by Friday, then a bottom is possible this week. However, if prices do not reach $1820 or lower by Friday, then we could be in for more consolidation and perhaps a deeper low ($1740 – $1760) in the last half of December (the red ABC correction). The next 48-hours are crucial.
With the gold cycle indicator (GCI) nearing minimum cycle bottoming, we could see a bottom any day. The last time the GCI fell below 100 was in March. On Wednesday, it finished at 114. Note- minimum cycle bottoming means prices have met the minimum technical requirements for a 6-month low – prices could drop further.
Our educational portfolio for premium members uses an accumulation strategy based on GCI readings. In a nutshell, when it drops below 100, I begin adding to our precious metal’s portfolio. It was designed to take the stress out of trading.