Gold Price Forecast – Key Breakout and Support Levels for October

Key Insights

• Gold bottomed and we could see a breakout to new all-time highs by year-end.
• Below are key prices levels to monitor in Gold, Silver, GDX, and Natural gas over the coming days and weeks.

Gold Futures Daily

• Gold Futures saw a significant 3% increase last Friday, possibly due to short-covering and hedging before the weekend over concerns in the Middle East.
• Prices may pull back for a few days.
• Progressive closes above $1950 would support a near-term breakout.
• The downside level to watch is $1,900; if it holds, then prices can rally, if it breaks, prices could fall back to fill the gap around $1,845.

Silver Futures Daily

• Silver is showing a potential pattern called an “undercut low.” This is when price finds support, breaks below it, reverses, and then heads in the other direction.
• There’s a possibility that this pattern might be emerging in silver, but it remains to be seen. If silver can break above $26.00 in October or November, it would signal a legitimate breakout.
• On the downside, I’m watching $22.00 as a critical level. Progressive closes below $22.00 could indicate that the correction is not over.

Gold Miners GDX Daily

• Gold miners need to hold last week’s gap at $27.70 to support a potential breakout.
• If prices close below $27.70, we could see more downside consolidation.
• A strong move, above the upper trend channel, in would signal the beginning of a stronger move.

Natural Gas (Nat Gas)

• Natural gas is coming back to the $3.00 level, with $2.90 as support.
• If this back test holds, that could pave the way to higher highs and perhaps a retest of $6.00.

Gold Price Forecast Video by AG Thorson

Conclusion

When gold breaks above $2100 (whenever that is), I don’t think it will stop until it touches $3000.

AG Thorson is a registered CMT and an expert in technical analysis. For regular updates, please visit www.GoldPredict.com.