Gold Price Forecast – Entering the Final Blowoff Phase Toward a Major Top

Gold Peaks After Stocks

At major market inflection points, equities typically peak first, with gold topping out a couple months later. Take the 2022 bear market, for instance: the S&P 500 hit its high in January, but gold continued climbing another 13% before topping out in March. This cycle appears to be following a similar pattern—stocks peaked in February 2025, and I believe gold is now in the final stages of its blowoff phase, with a top likely this month, potentially as soon as next week.

Gold Weekly

Tagging the upper boundary of the 10-week EMA envelope usually stops gold dead in its tracks. That level next week will be around $3,330. During the 2022 blowoff phase in gold, prices reversed immediately after touching the upper boundary, 2 months after the top in the S&P 500.

Gold Cycle Indicator

Our Gold Cycle Indicator is at 405 and entering maximum cycle topping. A brief spike above $3,300 is likely before peaking in the coming days.

Gold

Gold never closed below the 50-day EMA after the tariff whipsaw and thus never confirmed a cycle top. Prices are up 27% from the November low and are stretched 20% above the 200-day MA. Prices are EXTREMELY OVERBOUGHT. A major top appears imminent in the coming days, likely followed by a 10% to 20% multi-month correction.

Silver

The odds of silver making new cycle highs are low. However, we could see a rebound to the 50-day EMA. Before this cycle bottoms, I’ll look for prices to retest support near $26.00.

Platinum

Platinum is bouncing, but I don’t think it will last. Prices could retest support near $800 before this cycle bottoms.

GDX

Gold miners will likely test the upper trend channel and could spike briefly above $50 before peaking, possibly next week. Anyone buying this breakout will likely get caught in a massive bull trap.

GDXJ

Juniors are making fresh cycle highs as gold enters the final blowoff phase of its intermediate rally. Anyone buying this breakout will likely be caught in a bull trap.

NEM

Newmont will likely fill the gap between $55.00 and $57.00 before topping in the coming days.

BARRICK

Barrick is likely to test the October high near $21.10 before peaking in the coming days.

S&P 500

Wednesday’s epic rally was fueled by massive short-covering. Extreme market volatility destroys bulls and bears alike. We could see a rebound back towards 5,600, but I don’t think it will last. Ultimately, I expect prices to roll over and retest the April low (at a minimum) in the coming months.

In Conclusion

While gold may still see a final spike before topping out, caution is strongly advised for anyone looking to chase this breakout.

Gold miners, in particular, warrant extra vigilance. The current surge is likely a bull trap, with prices expected to reverse later this month.

The stock market is enjoying a short-term bounce following Trump’s 90-day tariff pause, but the broader outlook points to the early stages of a new bear market—one that could persist through at least mid-year.

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.