Gold Forecast – Gold Starting Next Major Advance

After peaking in August, gold began a multi-month correction into a 6-month low. The bottom appears in, and gold could be starting a new multi-month advance. If silver and miners confirm, we think gold could reach $2300 by January 2021.

-GOLD DAILY- Gold closed above the intermediate trendline as well its October high ($1939.40) on Thursday. This development supports a divergent low in late October at $1859.20 and a new multi-month advance.

Note- A divergent low occurs when one asset reaches its cycle targets while other, like assets, do not. In this case, both mining ETFs (GDX and GDXJ) made lower lows in October, meeting our minimum targets, but the metals (gold, silver, platinum, etc.) did not – thus creating a divergence.

-SILVER- Silver rallied strongly on Thursday but needs to close above $26.00 to establish a breakout. -GDX- Miners made new lows in October and reached our minimum […]

Click here to view original web page at www.fxempire.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.