Gold Price Forecast: Gold Prices Could Top This Week

Technical Analysis Expert & Editor @
July 1, 2020

Gold is at a critical juncture. Prices could top or breakout within the next 48-hours. Our cycle work favors a top. 

This week’s employment data could trigger a breakout in gold above $1800 or force an intermediate top. Expect increased volatility over the next 2-days. 

To sustain a breakout, I’d need to see a daily finish in futures above $1820. Whereas closing below $1770 in the coming days would promote a top followed by a 1 to 3-month decline. 

Beware of False Breakouts

A favorite trick of manipulators is to get prices just above a resistance level and then wash the market with sell orders. I’m not sure if that will happen this time, but it’s a distinct possibility. 

Our Gold Cycle Indicator reached 441 and is within maximum topping. The conditions are ripe for a cycle top. If prices peak, expect a decline in gold to $1450 - $1550.


Gold Prices

Gold is testing the waters around $1800, and I think we will know by Thursday’s employment report if prices are breaking out or topping. It would take a close below $1770 to support a potential top. Whereas a daily close above $1820 would promote a breakout and a run to $1900.

Silver Prices

Silver is also threatening to breakout to fresh highs, and a strong rally through $20.00 would be incredibly bullish. Prices are at a critical juncture - this is where price manipulators thrive, so be careful. 


I think we will find out within the next 48-hours if gold and miners are breaking to new highs or if prices are topping. To support a breakout in GDX, I’d need to see a strong rally through the $38.00 level. Failing to break through $38.00, on significant volume, would keep the potential for an immediate top alive. 


Juniors made a new closing high and are approaching the May high ($50.37). A strong move through the $51.00 - $52.00 area would support an upside breakout. Whereas slipping back below $45.00 would recommend a top. 

Markets are closed Friday. 

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 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].

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