Gold Price Forecast: Gold Price Target’s $1750

Our cycles supported a turning point in precious metals around November 6th (+/- a few trading days). I assumed it would time a low aligned with our 6-month target. Today’s market action to the vaccine suggests that instead of a low – gold inverted and formed a high overnight. The election fiasco kept gold elevated long enough to force the cycle to invert. Subsequently, gold pushed its 6-month low into the last half of December.

GOLD 4-HOUR: Gold prices plummet after Pfizer announced a vaccine that was reported to be 90% effective. This news event forced an inverted cycle, and we expect an initial collapse to $1810 – $1820 (beginning now).

Updated 6-Month Target: Today’s inverted cycle peak supports a December target surrounding $1750 for an ABC measured correction. At least that is my initial impression, given today’s action. We will know more over the next 48-hours.

After an initial collapse to $1810 – $1820 (beginning now). We could see a 3 to 4-week consolidation followed by and a final drop in the last half of December.

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.