Gold Price Forecast – A Sharp Decline Becoming Possible
A few days ago, I mentioned the potential for a Bull Trap in precious metals. Gold and Miners failed to recapture those critical levels, and the next leg lower has probably begun.
Gold needed to close back-to-back above $2000 to support a retest of the $2089.20 high. Prices failed to hold $2000 and have begun to roll over. The second and more severe decline may be occurring.
GDX DAILY UPDATE
Miners failed to recapture critical resistance near $44.00, and the next leg lower has likely begun. Prices could decline sharply towards the 200-day MA (currently $31.39) over the next 1 to 2-weeks.
Our Gold Cycle Indicator remains in topping territory (currently 381) and needs to drop below 100 to trigger the next buying opportunity.