AG Thorson
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On March 5th, I penned an article titled: Gold Price Forecast – A Rare Post Crisis Buying Opportunity. Prices bottomed 3-days later and just below our $1675 target. We believe a new uptrend is just beginning. Below is a copy of our most recent gold report.


As the inflation numbers tick up into May, the rallies in metals and miners should gain momentum. Our work supports an advance in gold to $2000+ by July or August. Gold miners continue to offer more upside, in our opinion.

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The Gold Cycle Indicator finished at 12. A new upcycle is just beginning and could last several months. Our Educational Metals Portfolio is overweight gold miners.


GOLD– As long as gold holds above the $1750 level, I think the surprises will come to the upside. Gold probably needs to take out $1800 to spark the next multi-day advance. I continue to look for a retest of the $2000 level by July or August.


-SILVER Silver is trying to recapture the contentious $26.00 level. As long as prices stay above $24.50, I continue to expect a breakout above $30.00. I’ll better estimate targets once we see the magnitude of the breakout.


PLATINUM Platinum remains stuck in consolidation and needs to break above $1260 or below $1140 for direction. Ultimately, I expect higher prices.


-GDX- I continue to believe miners formed an important bottom in March 2021. The trend remains a bit hesitant. Gold may have to rally above $1800 to trigger the 5%+ bullish recognition day I’ve been awaiting. As long as prices stay above $34.50, the path of least resistance looks higher.


-GDXJ- It’s been two steps forward and one step back since the March low. Prices need to get back above the 200-day MA to summon a more robust advance. If silver breaks sharply above $30.00 as expected, I think we could see new highs by July/August.


-KL- Kirkland Lake Gold remains my favorite producer. I think prices reached an important bottom in March. As long as prices stay above $37.00, I think they will head back towards $50.00+. This is one stock I plan on holding for several years.


-NEM- As long as Newmont stays above $63.00, I believe prices should head to new highs.


-SILJ- The cup-with-handle pattern in the silver junior mining ETF is a bit busy and less clear due to its volatility. Nevertheless, I believe prices bottomed, and as long as they stay above $14.50, I expect new highs.


-PTON- There was a little confusion regarding the chart of Peloton. I’m only using it as an illustration for a head and shoulder topping pattern. Though it could signal a broader decline in the stock market, I’m not suggesting a short. I thought the pattern was exceptional and wanted to share it with members. A definitive close below $95.00 would signal a pattern breakdown and support a downside target of $50.00.


-XLE- Energy stocks are trying to hold support surrounding $47.00. The odds favor a breakdown and decline towards $40.00 to $44.00.

Markets may remain subdued before next week’s Fed announcement. Overall, prices are behaving as expected coming out of the March lows.

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, please visit here.

For a look at all of today’s economic events, check out our economic calendar.

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