Gold Price Forecast – The Surge To $1700 Has Begun

Technical Analysis Expert & Editor @ GoldPredict.com
February 20, 2020

world gold forecast

It looks like gold has begun the final surge into its 6-month cycle peak. Prices should reach $1700 in March. From there, our work supports a multi-week correction, possibly severe, into May. 

It took some time, but I think the market finally realizes the mounting implications of the coronavirus. On Monday, Apple announced they would not meet quarterly guidance due to lower production and demand from China. That captured investor’s attention and triggered a move into gold.

In my Thursday report to subscribers, I wrote, “I do see a correlation in gold that could imply an upward breakout within the next 1 to 3 trading days. A daily close above $1600 would reinforce this view.” It’s been two trading days, and it looks like gold will finish above that level, implying an immediate breakout.

Gold Daily Chart

The mid-cycle consolidation is complete, and gold is beginning the final surge into a 6-month cycle peak. Our preferred target is $1700. Once prices peak, our work supports a multi-week correction, possibly severe, into May. 

Silver Daily Chart

I was expecting a much stronger run out of silver, but the coronavirus likely thwarted that. Nevertheless, silver likes to finish strong, and I still see the potential for a sharp rally to $20.00 in March. 

A rally above $20.00 in silver would advance the series of higher highs and higher lows and confirm a bull market. Longer-term, I expect silver to go much higher. 

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/

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].

China has only 2% of its Total Foreign Reserves in gold.

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