Gold Price Forecast: Bounce Fades as Markets Eye Fresh Lows in December

The Gold Cycle Indicator remains OVERBOUGHT at 450.

Gold

Gold closed below $4,200, and a finish beneath today’s low of $4,146 would create a swing high, potentially signaling the end of this rebound. If this move is merely a B-wave bounce, I wouldn’t want to see prices rally much further. Progressive closes above $4,250 would support a retest of the October high.

Silver

Silver reversed after testing the October high. Prices would need to close below $52.00, with follow-through under $51.00, to signal an end to the current rebound. Progressive closes above $54.50 would indicate a potential breakout, while a sustained move above $57.00 would suggest a stronger rally is developing.

Platinum

Platinum formed an outside reversal day, and downside follow-through below the 50-day EMA ($1,534) would support a breakdown and the start of a new leg lower.

GDX

Miners are testing the October price gap, and progressive closes above $80.36 would support further upside. In the near term, I’ll be watching for a close below $76.00 to signal an end to the current rebound, potentially setting up lower lows into December.

GDXJ

For the junior miners, prices would need to clear the gap at $106.13 to support further upside. Otherwise, this appears to be just a temporary bounce, with a decisive break below the 50-day EMA suggesting renewed weakness.

SILJ

Silver juniors formed a bearish engulfing candle just short of the price gap at $25.50. Prices could see a bit more upside, but it would take a decisive breakout above $57.00 in spot silver to support a move toward higher highs.

NEM

Newmont would need to close progressively above the $94.89 price gap to support a move toward higher highs. Otherwise, this appears to be just a rebound ahead of potential fresh lows in December.

Bitcoin

Bitcoin is at a critical juncture, with a decisive break below $98,000 likely to trigger a wave of selling. If prices don’t rebound within the next day or two, market conditions could deteriorate rapidly.

In Closing

Gold confirmed a strong bull market in 2024, with silver, platinum, and mining equities following in 2025. These trends are still in their early stages, and we anticipate substantially higher prices by 2030. Near-Term: metals and miners reached significant peaks in October, which could trigger a significant decline into December before the next rally.

AG Thorson is a registered CMT and an expert in technical analysis. For more price predictions and daily market commentary, consider subscribing at www.GoldPredict.com.