Gold Price Forecast – Metals and Miners Heading Toward Projected Mid-Year Lows

 Our Gold Cycle Indicator is at 148. The next buying opportunity is likely to emerge once we enter the minimum cycle bottoming phase.

US Dollar

The dollar is rallying, and I see the potential for a one-year rounded bottom formation. Major resistance remains near the 100.50 level, which could prove challenging to overcome. A pullback in metals and miners into a mid-year low likely requires medium-term dollar strength.

Gold

Gold remains stuck near its 50-day EMA. A bit more upside is possible, but overall, I expect prices to roll over between now and month-end. If prices break down from current levels, I’ll likely need to lower the target box. Note: gold did not confirm the recent highs in silver.

Silver

Silver formed a bearish engulfing candle. Prices would have to slip decisively back below the 50-day EMA to support an end to this rebound. Otherwise, this could be short-term profit-taking.

Platinum

Platinum needs a series of closes back below the 50-day EMA to signal an end to this rebound. If prices hold the 50-day, then expect a little more upside.

GDX

Miners pulled back to the 50-day EMA. This could be just a quick pullback before more upside. Progressive closes below $92.00 would support an end to this rebound.

GDXJ

Juniors formed a swing high, but I won’t be convinced the rebound is over until we get a series of progressive closes below $120.

SILJ

Silver juniors formed a swing high, and it would take progressive closes below the 50-day EMA to support an end to the May rebound.

S&P 500

The S&P 500 continues to surge to new all-time highs, led by software companies. With consumer sentiment near all-time lows while stocks sit at record highs, the market remains detached from reality. It would likely take a resumption of the Iran war or a spike in Treasury yields to derail it.

BTC/USD

Bitcoin remains at a critical juncture, with RSI momentum testing support. Prices could exceed the 200-day moving average for a time, but it would take a sustained breakout above $90,000 to challenge the bear thesis. Historically, after testing the 200-day MA prices fall another 60% in bear cycles, which I believe we’re in. My cycle work supports an October low and a test of $40,000 before bottoming.

Conclusion

Metals and miners are taking a much-needed breather after their historic runs in 2025. We believe this is simply a pause within a larger uptrend, similar to what occurred in 2006. From a big-picture perspective, we see gold surpassing $10,000 and silver trading above $300 within the next three to five years.

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.