Gold Forecast – Prices Collapsing to Cycle Target as PredictedGold is breaking lower from the triangle pattern as forecasted. Expect a 1 to 2-week decline into the next 6-month low. A rally to $2300+ is possible from that bottom into late December – depending on the November elections (or lack thereof).
Gold broke sharply lower yesterday, and this should be the beginning of the September breakdown we’ve been expecting. The decline phase into the cycle low should take 1 to 2-weeks.
Silver collapsed below critical support at $26.00, and the next target is $22.50. If prices continue to fall beyond $22.50, then we could see a dip back to $19.00 – $20.00, which in my opinion, would be a significant buying opportunity. I think the bull market in silver is just getting started. I’m considering adding silver mining exposure to the Premium member’s educational portfolio on this dip.
Gold miners maintained support surrounding $39.00 yesterday despite collapsing gold and silver prices. We believe prices will eventually break below $39.00. Initial support comes in around $34.00 and below that near $31.00.
Juniors have been climbing just above the 50-day EMA (currently $57.39). The trend appears to be losing momentum, and prices may be on the verge of collapse.
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.