Gold Price Forecast – Gold Could Collapse or Challenge $3000 in November

Gold Big Picture

Gold has confirmed a significant bull market breakout in 2024, leaving the $2,000 level in the rearview mirror. Our long-term forecast anticipates gold could reach between $8,000 and $10,000 by 2030.

Market dynamics are changing, and investors should take note of this. Over the last decade, gold has spent 80% of its time moving sideways and 20% in rallies. Moving forward, we expect that to shift to 80% of the time spent rallying and 20% trending sideways.

The last breakout of this scale occurred in 2005/2006, and I can imagine some investors took profits below $500 only to miss out on those prices forever. The lesson here is clear: don’t jump off the train just as it’s leaving the station.

Gold Sentiment

Despite reaching $2,800 and new all-time highs, Google searches for “gold price” are still below the peaks seen over the past five years. This is one reason I think prices may keep rising.

Gold

Gold formed a swing high after yesterday’s close above $2,800, and the odds favor a pullback. How prices will react to next week’s election and Fed announcement is anybody’s guess.

Closing below the 50-day EMA (currently $2,644) in November would confirm an intermediate-degree pullback. Depending on the election, a continued rally towards $3,000 remains a distinct possibility.

Silver

Silver needs to hold support near $32.50 to maintain the potential for an accelerated rally towards $40.00.

Platinum

Platinum is testing support near $1,000. Progressive closes below the 50-day EMA would promote more downside.

GDX

Miners failed to hold the accelerated trendline, which was wishful thinking on my part. Prices must close above the $41.51 price gap to promote a continued uptrend and higher highs.

GDXJ

Juniors need to close above $53.02 to signal an end to this pullback. Progressive closes below the 50-day EMA would confirm an intermediate-degree pullback.

SILJ

Silver juniors need to close above $14.31 to signal an end to this pullback. Progressive closes below the 50-day EMA would confirm an intermediate-degree pullback.

AEM

Agnico Eagle reported EPS 16% higher than estimates, and prices still finished the day lower. Support at the 6-month trendline.

Conclusion

The bull market in precious metals is just starting and is expected to continue into 2030. Gold could reach between $8,000 and $10,000, while I foresee silver exceeding $200. Don’t lose your seat on the train just as it’s leaving the station.

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.