Gold
Gold bottomed mid-year, as forecasted, and prices are undergoing a mid-cycle correction. Friday’s better-than-expected payroll numbers will likely keep downside pressure on metals, which could intensify if next week’s CPI print comes in hotter than expected. Ideal support for this pullback is around $4,150 (+/- $50).
Silver
Silver bottomed in July within our target box, and prices are now undergoing a standard 1–2 week pullback. Look for support around $60.00, although a brief dip below that level is possible if CPI comes in well above expectations.
Platinum
Platinum is poised to dip to support between $1,650 and $1,700 as we head into the September 16 Fed announcement. Once the correction is complete, the uptrend should resume, with new all-time highs expected next year.
GDX
Miners are setting up for a textbook three-wave pullback into key support at the crossover of the 50- and 200-day moving averages, just above $90.00. We expect miners to make new all-time highs well ahead of gold, continuing to lead the metals complex higher from here.
Gold Price Forecast
Every new Gold analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Gold forecasts
GDXJ
Junior gold miners have a similarly bullish setup, with prices pulling back toward key support at the crossover of the 50- and 200-day moving averages.
SILJ
Silver juniors could test support around $29.00 (+/- $1.00) to complete this pullback into mid-month. They, too, should reach new all-time highs well ahead of silver, as they are expected to outperform going forward.
Bitcoin
Bitcoin surged 25% in August, surprising the bears. Near-term prices may have reached an interim cycle peak on September 3rd. A close below $75,000 would support renewed weakness into mid-November, potentially pushing prices to fresh lows before the four-year cycle officially bottoms in Q4.
Conclusion
After a 6-month correction, the uptrend in precious metals is resuming. Prices will likely correct a bit further into the September 16th Fed announcement, with target levels subject to change as new information emerges, particularly next week’s CPI report.
Overall, we view this as a brief pullback within a larger uptrend. We expect new all-time highs next year, with gold potentially targeting $7,000+. For more price predictions and daily market commentary, consider subscribing at www.GoldPredict.com.