Gold Price Forecast – Gold Targets $3,800 as Miners Enter Accelerated Uptrends

At the time, I projected a move to $3,000. That target was hit within a year, and gold hasn’t looked back since.

In April, our Gold Cycle Indicator hit its maximum bullish reading as gold reached $3,500. I anticipated a healthy 20% correction, but instead, prices simply consolidated—giving silver, platinum, and mining stocks room to play catch-up.

Nine months ago, gold miners looked like they might never turn the corner. Prices were deeply undervalued, and investor sentiment was dreadful. Fast forward to today, and the story couldn’t be more different, miners have been on a tear, with no signs of slowing down.

Now, with both gold and miners hitting fresh all-time highs, it’s tempting to think the rally is unstoppable. But make no mistake: a pullback is coming. I can’t say exactly when, but history suggests it will be sharp and sudden. When it happens, our Gold Cycle Indicator will likely flash an oversold reading—setting the stage for the next major buying opportunity.

Jobless Claims

Initial claims surged to nearly a four-year high on Thursday, surpassing the previous peak of 260,000 set in June 2023. While these figures may be revised downward, a continued increase would be cause for concern.

The Gold Cycle Indicator finished Thursday at 340.

Gold

Gold paused ahead of next week`s Fed decision. The triangle breakout supports a $3,800 target in the near-term, but it may not be a straight shot.

Silver

Silver closed above $41.50 on Thursday, and upside follow-through from here would support a breakout run towards $45.00.

Platinum

Platinum held support near $1,350 and now needs a close above $1,425 to restart the uptrend. Ultimately, I expect prices to return to parity with gold later this decade.

GDX

Miners have rallied some 35% since late July, suggesting prices may have entered an accelerated uptrend. It’s widely expected that the Fed will cut 0.25% next week, which could trigger a pullback, especially given the deeply overbought MFI.

GDXJ

Juniors are up over 40% since late July, supporting the prospect for an accelerated uptrend. Given the recent move, next week’s Fed decision could trigger a pause in the trend or a profit-taking pullback.

SILJ

Silver juniors are up over 40% since late July. More upside is possible if spot silver continues its breakout towards $45.00.

S&P 500

Stocks made new all-time highs despite a negatively diverging MACD and overbought MFI. We may see a buy-the-rumor and sell-the-news pullback once the Fed cuts 0.25% next week.

Bitcoin

Bitcoin is expected to reach its next 4-year cycle peak sometime in the fourth quarter. As a result, we anticipate one more rally to new all-time highs before the next bear phase.

The final rally could already be underway, provided prices stay above the 50-day EMA following next week’s Fed decision. Once the peak is in, historical trends suggest a drawdown of over 70% during the subsequent 12 months.

Conclusion

Precious metals and miners have entered the accelerated phase of the bull market, which is expected to drive gold toward $8,000 to $10,000 by the end of the decade.

Over the next five years, I expect silver and platinum to outperform gold, with silver expected to surpass $100 and platinum returning to parity or better with gold.

However, the largest gains are likely to come from gold and silver mining stocks. The hardest part of navigating a bull market is having the patience to sit tight, rather than trying to time every short-term top. Buying opportunities will still come, but they will likely become less frequent and potentially more violent.

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.