Gold Cycle Indicator
The Gold Cycle Indicator finished the week at 23. This is our most oversold reading since late 2022.
Micron (MU)
Semiconductors have been on a tear, and leading the way is Micron Technology. The stock has soared from around $65 in April 2025 to more than $1,200. While negative momentum divergences are developing in both the MACD and RSI, that alone does not guarantee a market top.
At some point, the stock is likely to experience a sharp correction, potentially falling back toward the $400 level or lower. Even so, I wouldn’t dare short this stock while it’s in such a powerful uptrend.
I simply wanted to illustrate what a parabolic advance looks like…something I expect to see in gold mining stocks later this decade.
Gold
Gold made a slightly lower low overnight, reaching $3,941. I continue to expect a bottom to form within the next week or so, with prices ideally holding above the $3,900 level. It would take a sustained breakdown below $3,900 to support a more aggressive decline back toward $3,500. The price action surrounding Thursday’s payroll report could provide valuable clues.
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
Silver
Silver did not make a lower low alongside gold, although the potential remains for one final dip into early July. I believe the correction that began in January is approximately 95% complete, and the next low should mark the end of the correction and hold for the remainder of the bull market. Note: watch July 7th for a potential bottom.
Platinum
Platinum closed below the lower boundary of my target box, and it now appears likely that prices will test support around $1,500 (±$25). Overall, I believe we are very close to forming a meaningful low.
GDX
Gold mining stocks are almost smack dab in the middle of our target box, and prices could form a very meaningful bottom during the opening days of July. I believe this low will hold for the remainder of the bull market.
GDXJ
Junior miners could slip a little further before reaching a final low. I’ll be monitoring the daily price action closely for signs that a bottom is forming.
SILJ
Silver juniors have held up relatively well compared to their gold counterparts, perhaps a sign of underlying strength as we enter the next advance. I’m watching closely for evidence of a bottom forming during the first week or two of July.
BTC/USD
Bitcoin is working on a fresh closing low, and additional downside follow-through below $58,000 could trigger the next wave of selling. Overall, prices remain on track to form a cycle bottom in October.
Closing Thoughts
The first two weeks of July are crucial, and I’ll be monitoring price action daily for evidence of a low. Ideally, gold will bottom above $3,800. Mining stocks could offer the greatest upside potential, especially if gold trades above $10,000 into 2030 as forecasted.
AG Thorson is a registered CMT and an expert in technical analysis. For more price predictions and daily market commentary, consider subscribing at www.GoldPredict.com.
