Gold Price Forecast: Target Zone Reached, Imminent Bottom Expected
Precious metals and miners are trading within our ideal target zones, and we expect a meaningful bottom to form any day.
I'll be watching the price action closely surrounding Thursday's payroll report and, more specifically, around July 7th for a bottom in silver.
Overall, I believe the correction that began in January is approximately 95% complete. The bottoms that form in the coming days are expected to hold for the remainder of the bull market.
The Gold Cycle Indicator finished the week at 23. This is our most oversold reading since late 2022.
MICRON (MU): Semiconductors have been on a tear, and leading the way is Micron Technology. The stock has soared from around $65 in April 2025 to more than $1,200. While negative momentum divergences are developing in both the MACD and RSI, that alone does not guarantee a market top.
At some point, the stock is likely to experience a sharp correction, potentially falling back toward the $400 level or lower. Even so, I wouldn't dare short this stock while it's in such a powerful uptrend.
I simply wanted to illustrate what a parabolic advance looks like...something I expect to see in gold mining stocks later this decade.
GOLD: Gold made a slightly lower low overnight, reaching $3,941. I continue to expect a bottom to form within the next week or so, with prices ideally holding above the $3,900 level. It would take a sustained breakdown below $3,900 to support a more aggressive decline back toward $3,500. The price action surrounding Thursday's payroll report could provide valuable clues.
SILVER: Silver did not make a lower low alongside gold, although the potential remains for one final dip into early July. I believe the correction that began in January is approximately 95% complete, and the next low should mark the end of the correction and hold for the remainder of the bull market. Note: watch July 7th for a potential bottom.
PLATINUM: Platinum closed below the lower boundary of my target box, and it now appears likely that prices will test support around $1,500 (±$25). Overall, I believe we are very close to forming a meaningful low.
GDX: Gold mining stocks are almost smack dab in the middle of our target box, and prices could form a very meaningful bottom during the opening days of July. I believe this low will hold for the remainder of the bull market.
GDXJ: Junior miners could slip a little further before reaching a final low. I'll be monitoring the daily price action closely for signs that a bottom is forming.
SILJ: Silver juniors have held up relatively well compared to their gold counterparts, perhaps a sign of underlying strength as we enter the next advance. I'm watching closely for evidence of a bottom forming during the first week or two of July.
BTCUSD: Bitcoin is working on a fresh closing low, and additional downside follow-through below $58,000 could trigger the next wave of selling. Overall, prices remain on track to form a cycle bottom in October.
Closing Thoughts
The first two weeks of July are crucial, and I’ll be monitoring price action daily for evidence of a low. Ideally, gold will bottom above $3,800. Mining stocks could offer the greatest upside potential, especially if gold trades above $10,000 into 2030 as forecasted.
AG Thorson is a registered CMT and an expert in technical analysis. For more price predictions and daily market commentary, consider subscribing at www.GoldPredict.com.
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