Gold Price Forecast – Final Buying Opportunity Expected in December

If established, the upcoming December low could turn out to be one of the last great buying opportunities. Precious metals are expected to reach fresh highs in April/May 2021.

Gold price spiked to $2089.20 in August before entering a multi-month corrective phase. Our Gold Cycle Indicator (GCI) triggered an initial buy signal on November 23, 2020, and again on November 27, I began adding to our Premium Metals Portfolio then. As long as the cycle indicator (currently 78) remains below 100, we expect one more decline in December to complete our asset purchases.

GOLD

Gold bounced after making an interim low last week at $1767.20. Prices backtested the $1850 breakdown last Friday, and this is where we could see the final plunge into a very extended 6-month cycle low. Gold would have to close progressively above $1860 or push the Gold Cycle Indicator back above 100 to nullify the one more drop scenario.

SILVER

Our work continues to look for one more decline in silver to our target box. Closing below $22.00 would confirm this outlook. Otherwise, prices would have to finish above the November high ($26.14) to recommend a 6-month low and bullish breakout.

GDX

Closing below last Tuesday’s gap ($34.68) would support a breakdown and perhaps a brief spike below the $31.00 area in December before miner’s bottom.

In 2021, gold could reach $2300 and perhaps as high as $3500, depending on geopolitical developments. I am even more bullish on silver, platinum, and gold miners.

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. He posts daily updates to Premium Members. For more information, please visit here.