Gold Forecast: Post-Fed Collapse Testing Critical Support

Technical Analysis Expert & Editor @ GoldPredict.com
June 22, 2021

gold forecast

Gold prices are consolidating after its post-Fed collapse. Gold formed a bullish engulfing candle on Monday but needs to close above $1800 to support a possible bottom. A continued breakdown below $1750 would be near-term bearish. 

Our Gold Cycle Indicator finished at eight (8). If it sinks below zero, I will put the available funds to work in the Premium Metals Portfolio.

Gold Daily

Gold prices formed a bullish engulfing candle on Monday. Prices need a strong close above $1800 to support a possible bottom. A continued breakdown below $1750 would promote a retest of the March lows and potentially lower. 

Silver Daily

Silver prices are constructing a multi-month ascending triangle. Silver needs to hold support near $25.00 to maintain the structure. The pattern continues to favor an upside breakout above $30.00. On the bearish side, silver prices would have to break below $22.00 to recommend a more profound correction back towards support surrounding $19.00. 

Platinum

Platinum prices formed a swing low after testing support surrounding $1040. I'd like to see progressive closes back above $1100 to recommend a bottom. Otherwise, a continued breakdown below $1000 would support a drop back towards $800. 

GDX

Gold miners are trying to hold support surrounding $34.00. It would take a daily close above $35.10 to form a swing low. However, to recommend a bottom, I would need to see a decisive close above $37.00. 

SPY

Stocks reversed once again near the 50-day EMA and are rapidly approaching fresh highs. The trend looks exhausted, and we are overdue for a multi-week correction. At this point, it is more of a question of when and not if, in my opinion. 

Bitcoin Daily Chart

Bitcoin prices dipped briefly below $30,000 to test critical support surrounding $28,000. This area must hold to maintain the potential for an advance to fresh highs (above $65,000) by year-end. A continued breakdown below $28,000 would confirm a new bear market in Bitcoin and subsequent crypto-winter.

My Bitcoin analysis still supports one final rally towards $90,000 by year-end, but the crackdown in China and brewing regulatory pressures in the U.S. may prove overwhelming. Prices must hold $28,000.

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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].

The world’s gold supply increases by 2,600 tons per year versus the U.S. steel production of 11,000 tons per hour.

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