Gold Price Forecast – Expect $1700+ After a Brief Pause

A Healthy Pause

Nothing goes straight up – most uptrends stairstep their way higher. After bottoming in November, gold entered a gentle grind higher. The uptrend accelerated once gold closed above the cycle trendline ($1490) on Christmas eve and confirmed a breakout.

Daily Gold Chart

At the bottom, you’ll notice the MACD is just now crossing over – some consider this bearish. However, in robust and well-defined uptrends, a crossover or a “kiss” often flags a temporary low or pause in the trend. The last time this occurred was in July.

The current 6-month cycle should rally into March before finally peaking. Target wise – we think gold could test $1700 with the potential for higher depending on geopolitical events. Once price peak, we won’t expect the next 6-month low until late May to early June.

Investors that missed the November low in gold still have plenty of opportunity in silver. The silver cycle often starts slow but finishes strong. Silver should exceed $20.00 by the time this cycle peaks in March.

Disclaimer: Our Cycle Trade Alert System is long NUGT and USLV.

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/

This article was originally posted on FX Empire

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