Gold Price Forecast: Gold Plummets Towards New Target

November 9, 2020
Technical Analysis Expert & Editor @ GoldPredict.com

gold analysis

I saw the potential for market-changing news over the weekend, but I did not expect it to be on the vaccine front. Pfizer announced a successful vaccine, and gold is plummeting.

Our cycles supported a turning point in precious metals around November 6th (+/- a few trading days). I assumed it would time a low aligned with our 6-month target. Today's market action to the vaccine suggests that instead of a low - gold inverted and formed a high overnight. The election fiasco kept gold elevated long enough to force the cycle to invert. Subsequently, gold pushed its 6-month low into the last half of December. 

GOLD 4-HOUR

Gold prices plummet after Pfizer announced a vaccine that was reported to be 90% effective. This news event forced an inverted cycle, and we expect an initial collapse to $1810 - $1820 (beginning now).

Updated 6-Month Target

Today's inverted cycle peak supports a December target surrounding $1750 for an ABC measured correction. At least that is my initial impression, given today's action. We will know more over the next 48-hours.  

After an initial collapse to $1810 - $1820 (beginning now). We could see a 3 to 4-week consolidation followed by and a final drop in the last half of December. 

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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 info@GoldPredict.com.

China is the world’s biggest gold producer with more than 355 tons annually. Australia is second.

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