Gold Price Forecast: Gold Plummets Towards New Target

I saw the potential for market-changing news over the weekend, but I did not expect it to be on the vaccine front. Pfizer announced a successful vaccine, and gold is plummeting.

Our cycles supported a turning point in precious metals around November 6th (+/- a few trading days). I assumed it would time a low aligned with our 6-month target. Today's market action to the vaccine suggests that instead of a low - gold inverted and formed a high overnight. The election fiasco kept gold elevated long enough to force the cycle to invert. Subsequently, gold pushed its 6-month low into the last half of December. 

GOLD 4-HOUR

Gold prices plummet after Pfizer announced a vaccine that was reported to be 90% effective. This news event forced an inverted cycle, and we expect an initial collapse to $1810 - $1820 (beginning now).

Updated 6-Month Target

Today's inverted cycle peak supports a December target surrounding $1750 for an ABC measured correction. At least that is my initial impression, given today's action. We will know more over the next 48-hours.  

After an initial collapse to $1810 - $1820 (beginning now). We could see a 3 to 4-week consolidation followed by and a final drop in the last half of December.