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Big Picture Chart
The monthly chart of gold is in a “Launch Pad” setup comparable to 2004/2005. A decisive upside breakout is likely in the not-too-distant future, and this could be one of the last times to buy physical gold under $2000 per oz.
Price Target: Our technical work supports an $8000+ price target around 2030 (+/- 2 years).
Gold Futures Weekly
A weekly breakout above $2090 before year-end would be incredibly bullish for all precious metals and miners.
Gold Futures Daily
A strong rally above the trendline in October would setup a retest and possible breakout to new all-time highs before year-end.
Silver Futures Daily
If silver closes the week above $22.50, it will reverse last week’s breakdown, signaling a new advance. Progressive closes above $26.00 would support a major breakout.
GDX Daily Chart
Gold miners remain deeply undervalued and may be on the verge of an epic rally. A breakout above the upper trendline in the coming days would support this outlook.
Roughly every three or four years, miners enter a parabolic advance, leaving many investors behind. Could that be happening now?
Our Gold Cycle Indicator is rising out of maximum cycle bottoming, suggesting precious metals have started a new 3 to 4-month advance.
Gold Price Forecast Video by AG Thorson
Conclusion
The final washout in metals and miners is over, and we may be in the beginning stages of a substantial advance. When gold breaks above $2100, I don’t think it will stop until it approaches $3000. Gold miners could soar from here.
AG Thorson is a registered CMT and an expert in technical analysis. For regular updates, please visit www.GoldPredict.com.
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