Gold Price Forecast: Barrick Gold Supports September Bottom

Technical Analysis Expert & Editor @ GoldPredict.com
September 21, 2021

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Barrick Gold 3-Year Cycle

The 3-year cycle in Barrick Gold (GOLD) seems to set critical turning points every third September (2012, 2015, 2018, 2021?). With prices steadily declining for the past 12-months, the odds support a potential bottom in the following days. Perhaps Wednesday's Fed decision will force a low (possible spike low). From a technical target: closing below $18.00 would be harmful and support a drop back towards the rising 6-year trendline, currently crossing through $16.00.  

Note- If the stock market begins to break down sharply, gold, silver, and miners may drop in sympathy as liquidity dries up temporarily. If precious metals were to sell off, I would view it as an opportunity to add to long-term holdings.

Longer-term, our work supports a new bull market in precious metals lasting throughout the 2020s. A breakout above the $30.00 level in Barrick Gold would endorse this view and support the next leg higher in precious metals.

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 regular updates, please visit here.

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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].

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