Gold Price Forecast – The November Breakdown
Gold futures are breaking lower after last Friday's better than expected employment data and today's stable ISM nonmanufacturing index. Our forecast for a November breakdown appears to be underway.
Gold tends to form interim highs or lows in the opening days of a new month. In my Thursday Report to members, I wrote, "The next potential turning point could arrive tomorrow, November 1st, or early next week." See blue arrows in the chart below.
- May 2nd
- July 1st
- August 1st
- September 4th
- October 1st
- November 1st?
The recent decline supports a top on November 1st. My primary gold forecast calls for a 6-month low by late November or early December. Potential target - approximately $1400 (+/- $20).
Technical Perspective
After the initial ABC correction from the September high, gold entered a month-long triangle consolidation in October. The current pattern appears complete. A close below last Wednesday's $1483.10 low would support a C-wave decline towards $1400 to complete the larger corrective design. If things go as planned, prices could bottom in the opening days of December.
Longer-term, I believe gold prices are in a new bull market, and prices are heading much higher.
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/
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Gold-Eagle provides regular commentary and analysis of gold, precious metals and the economy. Be the first to be informed by signing up for our free email newsletter.
AG is an accredited CMT through the MTA and the editor of GoldPredict.com. His members receive daily updates and regularly scheduled reports 3-days a week. He prides himself on making his analysis easy to understand through the use of adaptive and creative charting methods. You can reach AG at [email protected].
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