Latest Gold Price Forecast & Predictions

Precious metals are approaching our mid-year target zones, and we expect a bottom to form within the next few weeks.

If gold continues to track the 2006 analog, the current uptrend should resume in July, potentially paving the way for a multi-year rally that could carry prices toward $14,000 by 2031.

In the near term, price action is likely to be influenced by upcoming CPI data, followed by the possibility of a rate hike from the Bank of Japan and the Federal Reserve's June 17 policy decision.

The Gold Cycle Indicator finished at 71.

US DOLLAR: The U.S. dollar surged following Friday’s employment report and is now approaching the 100.50 breakout level of a rounded-bottom formation. Sustained closes above this key resistance level would support a move toward the 103 - 104 area. Such a rally in the dollar would likely create downside pressure on precious metals.

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The most recent action in Gold has seen the metal breaking firmly lower, with the metal ideally heading into a mid-term trough in the coming weeks. With that, we can take a quick look at the current position of the Gold cycles.

Gold, Short-Term

For the very short-term, the cycle that is controlling the action is the 34-day wave in Gold, which is shown again on the chart below:

From my 5/17/26 article: "any push below the 4510.10 swing low (June, 2026 contract) - if seen at any point going forward - would infer this 34-day cycle to have turned back to the downside. Going further, a turn back to the downside in our 34-day wave, if seen, would point to additional weakness into June, which is not out of line with the seasonal pattern for Gold."...

Gold’s powerful rally has paused – but not in isolation. As geopolitical tensions escalate and energy markets take center stage, the macro landscape is shifting in ways that temporarily sideline precious metals. The recent oil price surge, driven by conflict in the Middle East and structural stress in the global energy system, is now dictating market sentiment, liquidity flows, and inflation expectations. In this environment, gold finds itself caught between long-term structural strength and short-term tactical pressure – correcting after an overheated advance while competing with oil for leadership in an increasingly fragmented and unstable world.

1. Review – Gold Corrects While Oil Takes the Lead

After reaching a new all-time high of USD 5,602 on January 29, the gold price has now been in a corrective phase for over three months. So far, this phase has been characterized by two sharp downward waves, two recovery waves, and most recently another decline since mid-April.

With the lower high at USD 5,419 on March 2nd and the lower low at USD 4,099 on March 23rd, a clear downtrend has been established. Most recently, on April 17th, gold failed exactly at its 50-day moving average (USD 4,873) and has since entered a third downward wave, reaching USD 4,501 so far. Selling pressure initially increased noticeably over the course of the last week. Shortly before the Fed’s interest rate decision, however, gold found a bottom at USD 4,510 and has since been attempting a recovery but ultimately has failed to break out from the short-term downtrend. Gold needs a weekly close above USD 4,600 to improve the picture.