Gold Price Forecast – The Surge To $1700 As Predicted
Gold has begun the final surge into its 6-month cycle peak. Prices could reach $1700 in March. From there, our work supports a multi-week correction, possibly severe, into May.
It took some time, but I think the market finally realizes the escalating implications of the coronavirus. On Monday, Apple announced they would not meet quarterly guidance due to lower production and demand. That captured investor’s attention and triggered a move into gold.
Last week I wrote, “A daily close above $1600 in the coming days will trigger the next advance to around $1700 before prices enter a more severe correction.” Prices are currently above $1600 and appear to be breaking out.
Gold Daily Chart
The mid-cycle consolidation is complete, and gold is beginning the final surge into a 6-month cycle peak. Our preferred target is $1700. Once prices peak, our work supports a multi-week correction, possibly severe, into May.
Silver Daily Chart
I was expecting a much stronger run out of silver, but the coronavirus likely thwarted that. Nevertheless, silver likes to finish strong, and I still see the potential for a sharp rally to $20.00 in March.
A rally above $20.00 in silver would advance the series of higher highs and higher lows and confirm a bull market. Longer-term, I expect silver to go 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/