The 3-month correction that began in September is almost complete. Metals and miners should dip a little further into next weeks Fed announcement. Once prices bottom, the next advance should take gold above $1600.
One More Low
Prices should 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/
This article was originally posted on FX Empire
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