Gold is on track to reach our $1700 target earlier than expected – the breakout in miners confirms.
January was exceedingly boring for precious metals investors as the trend entered a prolonged consolidation. Sentiment was reset, and prices resumed the uptrend in February. Gold prices are surging and remain on schedule for our March $1700 target.
GDXJ (Pattern Complete)
The cup with handle formation in the junior mining ETF took longer than expected. Nevertheless, an upside breakout is now confirmed, and we have a minimum target of $50.00 with the potential for more.
Daily Gold Chart
Gold broke out of the 28-day consolidation, and a final surge into March is underway. Estimated target between $1685 – $1730, likely in the first 2-weeks of March. Once this cycle peaks, we expect a multi-week correction, into late April or early May.
With Friday’s spike in gold futures above $1650, our Cycle Indicator entered minimum topping. Meaning, the cycle is likely approaching a peak within the next 1-3 weeks. I’ll look to take profits on our cycle trades once the GCI climbs above 400 (currently 358).
Our Cycle Trade System went long NUGT in December and USLV in January.
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
More From FXEMPIRE:
- S&P 500 Price Forecast – Stock Markets Pullback to Look For Buyers
- Gold Weekly Price Forecast – Gold Markets Break Out For The Week
- U.S. Dollar Index Futures (DX) Technical Analysis – 99.040 Potential Trigger Point for Downside Acceleration
- NZD/USD Forex Technical Analysis – Close Over .6332 Forms Closing Price Reversal Bottom
- US Stock Market Overview – Stocks Slide on Coronavirus Fears
- Natural Gas Price Prediction – Prices Slip but Close up Nearly 4% for the Week