Gold Price Forecast: Cycles Forecast a Bottom This Week

Technical Analysis Expert & Editor @
June 29, 2021

fine gold

The 40-day cycle in gold is very close to bottoming. Ideal support arrives near $1750. Finishing the week above $1760 would support a bottom in gold and renewed uptrend in precious metals. 

Gold 4-Hour Chart 

Over the last several months, I've noted how gold tends to form medium-term highs/lows as we enter a new month. If that trend continues then gold prices should bottom within the next few days. 

Cycle Note: The previous 40-day cycle bottomed on day 37 (three days early), so it's possible this cycle (currently day 41) extends a few days to balance the series. Overall, I think the odds support a bottom in gold very soon. 

Gold Daily Chart

The Gold Cycle has been forming interim cycle high/lows approximately every 40-trading days. More recently, those turning points tend to arrive as we enter a new month. When you put it all together, technically speaking, I think we are very close to a low. The question is, where will the price of gold go from there? 

To maintain a bullish footing, I need to see gold breakout above the June 1, 2021 high ($1919.20). Anything that falls short of that would promote more consolidation or an even deeper pullback.

Note: The oversold MFI (top indicator) also supports a near-term bottom. 

Silver Chart

Silver prices have been working on an ascending triangle consolidation for nearly a year. If prices maintain the lower boundary near $25.00, a breakout above $30.00 is favored. I like to think of these patens as coiled springs. When the energy is released - it can be explosive. 

In closing, I’ll remind everyone that gold is a form of financial insurance. The time to buy insurance is when it is cheap and when no one wants it. Once the disaster arrives - it is too late.

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.


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].

Gold was first discovered in U.S. at the Reed farm in North Carolina in 1799, a 17-pound nugget.
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