Gold Price Forecast – Did Gold Bottom in November?

Last month I penned an article explaining how gold tends to form interim highs/lows in the opening days of a new month. That article was timely as prices topped that very day at $1519.20 and fell to $1446.20 by November 12th.

Monthly Trend Changes

Notice in the chart below how gold sometimes changes course at the beginning of a month. Not always, but enough to get your attention.

• May 2nd, prices formed a 6-month low at $1267.30
• July 1st, prices formed a short-term low at $1384.70
• August 1st, prices formed an interim low at $1412.10
• September 4th, the gold cycle peaked at $1566.20
• October 1st, prices created a short-term low at $1465
• November 1st, prices formed a short-term high at $1519.20
• December 3^rd or 4^th???

If gold continues higher into Friday’s close, then the odds support a 6-month low at $1446.20 on November 12th.

If gold slips back below $1470 in the coming days, then this is likely an early December top, and prices are positioning for one final decline towards the 200-day MA.

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 https://goldpredict.com/