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AG Thorson
Gold

Unless the dollar breaks sharply lower, I don’t see gold breaking above $1800 anytime soon. If my consolidation theory is correct, gold could drop back towards $1450 – $1525 by August/September.

Our Gold Cycle Indicator is at 378, and we are once again in the minimum cycle topping.

CONSOLIDATION CHART

Gold appears to be in a high-level consolidation similar to what we saw in 2016 and 2018. If correct, then prices will remain rangebound (between $1650 – $1800) through June and into July before finally dropping into the next 6-month low. It would take a decisive breakout above $1800 to support a run to $1900 – $2000.

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GOLD BIG PICTURE

The larger 10-year pattern in gold suggests prices may consolidate below $1800 for several months before finally breaking out above $2000 in 2021 or 2022.

I view any drop in gold back towards $1500 as a “back-the-truck-up” opportunity.

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 here.

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