Gold Price Forecast: Prices Approaching a December Bottom

Technical Analysis Expert & Editor @ GoldPredict.com
December 10, 2019

gold analysis

In the Tuesday report, I explained how gold has been forming interim highs in the opening days of a new month. Prices peaked the next day at $1489.90. The final breakdown appears to be underway, and we see the potential for a bottom by mid-December.

The 3-month correction that began in September is nearly complete. Metals and miners could dip a little further into next weeks Fed announcement. Once prices bottom, the next advance should take gold above $1600. 

The Final Breakdown

Gold could drop a little further before bottoming. Watch for a reversal before or after the December 11th Fed announcement. 

Monthly Gold Chart

For 2020, we expect gold to continue to advance the larger pattern and challenge key resistance between $1750 - $1800. Our current forecast calls for a pattern breakout above $2000 by 2021 or 2022. However, that timeframe could be expedited depending on the results of the 2020 election.

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 https://goldpredict.com/

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 first use of gold as money occurred around 700 B.C., when Lydian merchants (western Turkey) produced the first coins

Gold Eagle twitter                Like Gold Eagle on Facebook