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Gold Price Forecast – Gold & Miners Confirm Recent Breakout

By:
AG Thorson
Published: Feb 21, 2020, 19:40 UTC

Gold is on track to reach our $1700 target earlier than expected - the breakout in miners confirms.

Gold

Gold is on track to reach our $1700 target earlier than expected – the breakout in miners confirms.

January was exceedingly boring for precious metals investors as the trend entered a prolonged consolidation. Sentiment was reset, and prices resumed the uptrend in February. Gold prices are surging and remain on schedule for our March $1700 target.

GDXJ (Pattern Complete)

The cup with handle formation in the junior mining ETF took longer than expected. Nevertheless, an upside breakout is now confirmed, and we have a minimum target of $50.00 with the potential for more.

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Daily Gold Chart 

Gold broke out of the 28-day consolidation, and a final surge into March is underway. Estimated target between $1685 – $1730, likely in the first 2-weeks of March. Once this cycle peaks, we expect a multi-week correction, into late April or early May.

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With Friday’s spike in gold futures above $1650, our Cycle Indicator entered minimum topping. Meaning, the cycle is likely approaching a peak within the next 1-3 weeks. I’ll look to take profits on our cycle trades once the GCI climbs above 400 (currently 358).

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Our Cycle Trade System went long NUGT in December and USLV in January.

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/

 

About the Author

AG Thorsoncontributor

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 that will begin to unravel in 2020.

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