Gold Forecast: Gold Prices Move Towards New All-Time Highs

Technical Analysis Expert & Editor @ GoldPredict.com
July 24, 2020

gold analysis

Gold prices have had a nice run after bottoming at $1450 in March. However, gold is coming into major resistance (around $1900), and multi-week correction is becoming likely. A decline back towards $1550 in the coming weeks could be one of the last great buying opportunities. 

Gold prices reached an intraday high of $1897.70 yesterday, and are within striking distance of $1923 - an all-time high. Momentum could take gold prices a little higher, but I would be surprised if they pushed through $1923 on the first try. For that reason, I believe the upside may be limited, currently.

Gold Weekly Chart

With gold prices breaking through resistance surrounding $1800, the next logical resistance comes in at $1923.70 - the 2011 high. If gold peaks around here, I will expect a decline back towards the $1550 - $1600 level. 

Note: With governments firing up the printing presses, it is just a matter of time before gold breaks above $2000. We see a sharp rally into 2023 or early 2024. A decline back towards $1550 could be one of the last great buying opportunities. 

Silver Update

Silver prices blasted through resistance surrounding $20.00, striking an intraday high of $23.67. There is little technical resistance in this area, and a jump to $26.00 is probable before prices take a breather. 

Platinum Update

Platinum prices remain a laggard (for now), with prices still below last year's $1046.70 high. At some point, I believe platinum will play catch up to gold. A rally above $1050 would sponsor an upside breakout.

Gold miners have been weak, relatively speaking, when compared to gold, which is testing its all-time high and silver, which recently broke through critical resistance. Their lack of participation suggests an intermediate top may be nigh. 

A daily finish below $40.38 and then $39.30 in GDX would sponsor a cycle top and multi-week correction in miners.

Our Gold Cycle Indicator reached a max value of 450, a cycle top is becoming likely. We remain in the timing window for an intermediate peak. 

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 here.

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 GoldPredict.com 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].


One cubic foot of gold weighs more than half a ton (1,306 pounds).
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