Gold Price Forecast: The Pullback Is Over – Higher Prices Ahead

The Gold Cycle Indicator is currently at 38. Note: On June 25^th the GCI reached 17 and we alerted members in our morning brief. You can see the summary in the video.

Gold

 Gold appears to be bottoming within our target zone, with the precise low likely arriving at $3,941 on June 30. The lower-than-expected June CPI reading (-0.4%) supports this view.

The next milestone is a decisive close above the $4,203 pivot. From there, successive closes above the cycle downtrend line would further confirm a major bottom.

While this advance may begin gradually, our medium-term outlook remains highly constructive as we expect gold to exceed $7,000 next year.

Silver

Silver prices are carving out an important cycle bottom within our prescribed target window. After declining more than 50% from the January peak, we believe this represents a critical low that is likely to hold for the remainder of the bull market. Our longer-term outlook remains highly bullish, with silver prices expected to exceed $300 by the end of the decade.

Platinum

Platinum filled the price gap at $1,587, briefly dipping below the lower boundary of our target zone. We continue to believe there is a strong possibility that platinum will return to parity with gold, and as a result, could outperform gold to the upside into 2031.

GDX

Mining stocks tagged the lower boundary of our target zone before reversing higher. Progressive closes above $76.00 this week would support the formation of an important bottom at $71.89, a level we expect to hold for the remainder of the bull market. Final confirmation of a bottom will come with decisive closes back above $80.00, signaling that the next leg of the advance is underway.

GDXJ

Junior miners did not quite reach the lower boundary of our target zone, suggesting underlying strength. Progressive closes above $100.00 this week would support a bottom forming at $93.23. Final confirmation of the low will come with a decisive close above $107.50, signaling that the next phase of the bull market is underway.

SILJ

Silver juniors are trying to form a bottom in the middle of our target box at $23.73. A strong finish above $26.00 would support this view, with final confirmation of a bottom arriving with progressive closes above $28.00.

Closing Thoughts

We believe metals and miners are forming critical lows that could hold for the remainder of the bull market.

Our longer-term outlook sees gold reaching $10,000 to $15,000 and silver achieving $300 to $500 over the next five years, with a particular focus on 2031.

Our broader economic framework anticipates a major economic downturn (depression) starting around 2030 and extending into 2036. The current inflationary environment will transition into stagflation or outright deflation after 2032. Investors should begin preparing now for the opportunities that may emerge in the years ahead.

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.