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AG Thorson
Stacks of gold bars

In my article The Odds Favor One More Decline, I noted how gold tends to form interim highs or lows in the opening days of a new month. See blue arrows in the chart below.

  • May 2nd
  • July 1st
  • August 1st
  • September 4th
  • October 1st
  • November 1st???

Today’s price action supports a top on November 1st. My primary forecast calls for a 6-month low by late November or early December. Potential target – approximately $1400 (+/- $20.00).

TECHNICAL PERSPECTIVE

After the initial ABC correction from the September high, gold entered a month-long triangle consolidation in October. The current pattern appears complete. A close below last Wednesday’s $1483.10 low would support a C-wave decline towards $1400 to complete the larger corrective design. If things go as planned, prices could bottom in the opening days of December.

Longer-term, I believe gold is in a new bull market, and prices are heading much higher.

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. For more information, please visit https://goldpredict.com/

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