Gold Price Forecast – Prices Target $1400 in December

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Published: Nov 5, 2019, 17:09 GMT+00:00

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???

A close up of a map

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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/

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.