Gold Price Forecast: Miners Confirming Major Breakout

Technical Analysis Expert & Editor @ GoldPredict.com
February 17, 2022

gold mine

After 18-months of consolidation, gold prices are on the cusp of a major upside breakout. Our technical work supports a slingshot move to the upside (like early 2016) that is likely to leave many investors behind. 

In late January, I noted the potential for an explosive rally in precious metals out of a powerful W-bottom. As I write that outlook is being confirmed, and we may be starting a sharp advance higher. Below are key technical benchmarks and targets.  

Gold Futures Daily

Gold futures are above the $1880 level and it’s beginning to look like a confirmed breakout. There is considerable resistance between $1900 and $1920 that may prove challenging. Sustained upside follow-through above $1920 would signal a sharp advance.

GDX

Gold miners should gap higher at todays open. I’d like to see that gap stay unfilled. The odds for a slingshot upward are high.

Progressive closes above $34.50 would confirm a W-bottom breakout and signal an immediate advance towards $39.00.

Strong buying throughout the day that lasts into the close would be very bullish, in my opinion.

The next 24-hours are crucial for 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].


The melting point of gold is 1337.33 K (1064.18 °C, 1947.52 °F).
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