Gold Forecast: Expecting New Highs and a Powerful Rally into August

Technical Analysis Expert & Editor @
June 21, 2024

fine goldGold, silver, and platinum closed above the prior week's highs, and I see the potential for cycle lows.

Miners gapped through their respective 50-day EMAs on Thursday, and one more strong up-day would establish a bottom.

If the June lows are in, as predicted, then we should be starting the next up leg, which could lead to significant price spikes into August.

GOLD- Gold is very close to confirming a June cycle low. We expect new all-time highs in July and see the potential for a price spike towards $2800 in August.

SILVER- Silver needs progressive closes above $31.00 to establish its cycle low. Once prices rise above $33.00, expect fireworks.

GDX- Miners gapped through the 50-day EMA, and I see the potential for a cycle low; as long as prices don`t close below the $33.70 price gap.

GDXJ- As long as junior miners don`t close below the $42.20 price gap, I see the potential for a June low.

SILJ- Silver juniors would have to close below $11.50 to reduce the potential for a cycle low. Otherwise, it looks like prices bottomed.

NEM WEEKLY- Newmont may have reached a generational low below $30.00.

Margins and productivity are returning (after the painful Newcrest acquisition), and profitability could expand significantly with higher gold.

It's hard to say how high prices could go, but I believe it will be multiples higher from here.


Metals and miners are very close to completing cycle lows. From here, we expect an aggressive rally into August, with the potential for gold to reach $2800.


AG Thorson is a registered CMT through the MTA and an recognized expert in technical analysis of the precious metals markets. He is also the Editor of where members receive daily updates and regularly scheduled reports 3-days a week. He prides himself on making his analysis easy to understand through the use of adaptive and creative charting methods. You can reach AG at [email protected].

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