Gold Price Forecast: Gold Prices Must Hold the August Low

AG Thorson
Technical Analysis Expert & Editor @ GoldPredict.com
August 20, 2021

gold price forecast

The intermediate cycle in gold (chart below) has formed turning points roughly every 128-calendar days (4.2-months). That cycle just turned again, triggering an intermediate low on August 9, 2021. Gold must now stay above that low to prevent a breakdown to the $1500 to $1550 area.

I'm long-term bullish on gold and believe the current correction is just a pause in a new bull market that should last into 2030. 

Key Price Levels

  • A sustained breakdown (more than a week) below $1670 would invite a retest of long-term support between $1500 and $1550. 
  • Whereas a breakout above $1850 is needed to support the next leg higher in precious metals. 

The next cycle turning point (high or low) should arrive by mid-December 2021. 

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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