The gold cycle bottomed in our June target window and the breakout towards $2800 is underway.
Our analysis supports a seasonal peak by September, followed by a potentially sharp retracement into year-end.
The potential for outsized gains in silver, platinum, and miners is overwhelming as valuations catch up to fundamentals.
Cycle Low Forecasted
On June 7th, we reported gold would likely see one more dip before bottoming in June (see chart below).
https://www.gold-eagle.com/sites/default/files/images2020/thor060724-1.jpg
Cycle Low Achieved
Having bottomed in our target box, gold now shows promising signs for a robust rally that could extend into August or September.
If the second phase of the 2024 breakout is equal in strength to the preceding move, a run towards $2800 to $3000 is entirely possible.
Big Picture: We believe the April 2024 breakout in gold (above $2100) was the launch point for a run towards $10,000 by the end of this decade.
Platinum
Platinum is less than half the price of gold, and I remain very bullish. Moving strongly through $1100 would signal a multi-year breakout towards new all-time highs. Supply issues combined with increasing demand could push prices to 2X that of gold later this decade.
Gold Miners (GDX)
Back-to-back up gaps to start July support a June low, boosting the potential for an intermediate push to $45.00+ in GDX. Gold miners could report record-breaking Q2 profits, adding fuel to an already explosive technical setup.
Junior Miners (GDXJ)
A Phase II breakout in GDXJ could push prices to $60.00+ in August or September.
Conclusion
Metals and miners are entering phase II of their secular breakouts. How high prices go is impossible to predict, but I believe it could be much higher than most expect.
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.
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