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Gold Price Forecast – Our Cycle Work Supports a Bottom Next Week

By:
AG Thorson
Published: Jun 7, 2024, 13:31 GMT+00:00

Metals and miners should form cycle lows within the next week or two.

Gold bullion. FX Empire

In this article:

Metals and miners are dropping into June intermediate lows, and our work supports a bottom next week.

Once gold bases, we expect a powerful rally that could push prices toward $2800 by mid-August.

The potential in silver is striking; after prices bottom (next week), we see the potential for an epic run towards $40.00.

Technical Update

Gold Daily

The decline into a cycle low is never straightforward; there are often twists and turns. Gold almost always (90% of the time) closes at least once below the 50-day EMA before reaching a bottom. That has yet to happen, so I’m still looking for one more drop.

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Silver

Silver formed a swing low after tagging the upper boundary of the target box. The odds still favor a dip below the 50-day EMA with ideal support between $28.00 and $29.00.

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Platinum

Platinum pulled back precisely to support at the 50-day and created a swing low. This is the perfect place for a technical bottom. Support around $960 should prices dip further.

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GDX

Miners reversed Monday’s gap and formed a swing low after briefly dipping into the June target area. Generally, I like to see at least one close below the 50-day EMA before considering a cycle bottom, so I’m not convinced prices bottomed. Ideal support between $32.50 and $33.50.

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GDXJ

Juniors formed a swing low and reversed Monday’s bearish gap. The odds favor a dip below the 50-day EMA before this cycle bottoms. Progressive closes above $47.00 would signal a cycle low.

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SILJ

Silver juniors didn’t reverse Monday’s gap but did form a swing low. I’d need progressive closes above $13.00 to support a cycle low; otherwise, I expect one more dip for the June low.

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Conclusion

Metals and miners should form cycle lows within the next week or two. From there, we expect aggressive upside before peaking in August or September. Our long-term forecast predicts $10,000 gold and $300 silver by 2030.

AG Thorson is a registered CMT and an expert in technical analysis. For daily market updates, consider subscribing www.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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