Gold Price Forecast – Prices Target $1400 in December
Gold futures are breaking lower after last Friday’s better than expected employment data and today’s stable ISM nonmanufacturing index. The November breakdown appears to be underway. Our forecast calls for a test of $1400 by early December.
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/
