Gold Price Forecast: Why the Next Major Move Could Target $7,000+

Where we are in the cycle

The Gold Cycle Indicator finished at 37. It reached a low of 14 in June, a level that has triggered multiple bottoms.

WTIC: Oil filled the price gap and immediately reversed. A sustained move above the 200-day moving average ($74.00) would signal that the correction has ended and support a resumption of the uptrend.

What this means for metals

GOLD: It looks like prices bottomed at the lower end of our target box, which will be confirmed with a progressive close above $4,250. Overall, we believe the recent low will hold for the remainder of the bull market and anticipate gold trading above $7,000 next year, which would be great for miners.

SILVER: Silver is working on a bottom in our ideal target box, though I can’t rule out a final dip in the first half of July. Either way, I believe we are very close to an important low that should hold for the remainder of the bull market. A price target north of $150 seems reasonable if gold trades above $7,000 as forecasted.

PLATINUM: Platinum slipped briefly below the lower end of our target box, but we believe prices likely bottomed in June. With gold 2.5 times the price of platinum, I view it as the better value with the potential for far greater upside into 2030.

GDX: Miners are working on a bottom in the middle of our target zone. A little more downside is possible if price closes below $74.50, but overall, I believe this multi-month correction is about 95% complete. If gold trades above $7,000 next year as forecasted, senior miners will be printing money and should outperform.

GDXJ: Junior miners are also very close to an important low, though I can’t rule out one final dip in July. Prices would have to close below $96.00 to promote more downside. Overall, we believe the correction is 95% complete, and this bottom should hold throughout the remainder of the bull market.

SILJ: Silver juniors are in a bottoming process, and we could see one final dip in July if prices break the double bottom at $24.49. If silver trades above $150 next year, SILJ could trade multiples higher from here in our view.

BTCUSD: Bitcoin is bouncing in July, and prices are approaching the first level of resistance at the 50-day EMA. Progressive closes above this level could set the stage for another test of the 200-day moving average. Either way, I believe the next move below $58,000 will likely trigger the final capitulation phase, ultimately pushing prices toward $40,000 or lower before bottoming around October.

Closing Thoughts

We believe metals and miners are approaching critical lows in June/July 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 the next major economic downturn (depression) starting around 2030 and extending into 2036. The current inflationary environment will eventually 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.