Gold Price Forecast: Gold Nears $4,000 as Silver Eyes Generational Breakout

Gold entered an accelerated uptrend in October 2023; prices are up 48% in 2025 marking the strongest annual gain since 1979.

Our Gold Cycle Indicator is nearing extreme overbought conditions for the second time this year, and an intermediate peak is becoming likely.

However, before gold tops, a breakout above $50.00 is possible in silver. Progressive closes above $48.00 could set the stage for a blowoff rally.

Our Gold Cycle Indicator is currently at 409, signaling maximum cycle topping conditions and suggesting a top may be nearby.

GOLD: Gold is up nearly 50% in 2025, as prices rapidly approach the $4,000 mark. In the near term, a spike above $4,100 is possible if prices test the upper boundary of the accelerated uptrend. However, we do not anticipate a sustained breakout above $4,200 at this time. Once this intermediate cycle peaks in the coming weeks, we expect a pullback to the $3,500 area, followed by a multi-month consolidation.

SILVER WEEKLY: Silver is approaching the $49.50 level for the third time in 45 years, forming a massive cup-with-handle formation. A series of sustained weekly closes above the key $50.00 threshold would confirm a generational breakout, turning that level into a support zone for future pullbacks. Following such a breakout, we anticipate a move towards $100 over the ensuing year, with the potential to exceed $200 by around 2030.

SILVER DAILY: Silver's near-term chart is approaching a critical juncture, with a breakout potentially imminent. The April tariff collapse washed out speculative longs, potentially setting the stage for a parabolic blowoff rally. Consecutive closes above $48.00 could ignite a sharp move through the long-standing $50.00 level, potentially triggering short covering and multiple back-to-back gains exceeding 5%. The next two weeks will be pivotal in determining the direction of this move.

PLATINUM MONTHLY: Platinum has broken out of a 17-year consolidation, and we expect new all-time highs in the years ahead. Demand is outpacing supply for the third consecutive year — a trend we believe will intensify, especially given that aging South African mines account for approximately 75% of annual global production. Ultimately, we see platinum prices exceeding $6,000, with the potential to eventually return to parity with gold.

GDX WEEKLY: The gold mining ETF broke out of its 4-year base earlier this year. Adding the depth of the pattern to the breakout supports a price target near $85.00 before the next major consolidation phase.  

GDXJ: The gold junior mining ETF entered an accelerated uptrend in August, and more upside is expected as long as the price stays above the lower channel boundary, currently crossing $95.00. Once prices peak, we expect a prolonged consolidation as gold slips back towards $3,500.

SILJ: Silver juniors are in a strong uptrend that could surprise to the upside if spot silver breaks decisively above $50.00 in October.

TSLA: Tesla reached the triangle target of $470 on Thursday and formed a large bearish engulfing candle. Frankly, I'm surprised prices came within a few percentage points of the $488.54 all-time high (given the expiration of regulatory and consumer tax credits in September). I'm guessing this stock will be MUCH lower a year from now.

BITCOIN WEEKLY: One aspect I appreciate about Bitcoin is its consistent four-year cycle. Historically, prices have formed major peaks every four years, followed by a bottom 12 months later. The next significant peak is expected before year-end — possibly in the coming weeks — with the subsequent bear market low anticipated around October 2026. In terms of targets, I'm watching for a potential top between $140,000 and $160,000. Historically, Bitcoin has declined over 70% from its four-year cycle peaks.

In Closing

Gold entered a strong bull trend in 2024 with its decisive breakout above $2,100. Prices are up nearly 50% in 2025, and the current intermediate rally appears to be approaching a peak around the $4,000 level.

Looking further ahead, we anticipate gold reaching the $10,000 level later this decade, with silver exceeding $200. As a result, we believe the bull market in precious metals and miners is still in its early innings.

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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