Gold Price Forecast – The Bottom Is In, But Danger Remains

Next week, I’ll be watching South Korea’s KOSPI closely. Continued weakness or a deeper meltdown could trigger additional selling pressure in U.S. equities.

Last Friday, I wrote, “The Final Shakeout Is Happening Now,” and it increasingly looks like precious metals and miners bottomed that day.

At the time, I believed a potential low was forming and alerted premium members in an afternoon update, suggesting it might not be a bad time to try picking a bottom.

Gold was below $3,900, silver was near $49.00, and GDX was just above $76.00.

The Gold Cycle Indicator Our Gold Cycle Indicator is at 41, coming off a deeply oversold reading of 6 last Friday.

GOLD Gold is back above $4,000, and I see the potential for an undercut low.

But for now, as long as gold holds above $3,950, I believe the odds favor a Q4 low and a resumption of the broader uptrend.

As long as prices hold above $1,415, the outlook favors a sustained bottom and a resumption of the uptrend.

However, as long as prices hold above $23.00, I believe the potential for a sustainable bottom remains intact.

Overall, gold appears to be following a bottoming pattern similar to 2022.

From FXEmpire