Gold Price Forecast: More Upside into April – Keep an Eye on Miners and Silver

In December, we advised readers that our cycle work expected an impending bottom followed by "a run towards $3,000+ by March or April."

In the opening days of January, we noted the prospect for a bottom in GDX, highlighting the "potential for a "slingshot" move higher in miners, similar to a V-bottom, where prices surge with nearly the same intensity as the previous decline."

Current Outlook

With gold firmly above $3,000, the near-term remains bullish. We anticipate further upside, with the potential for gold to exceed $3,200 by April, especially if the Fed signals an end to quantitative tightening.

The "slingshot move" off the late December low in GDX is likely just the start of a massive catch-up rally, pushing prices significantly higher into April.

Silver is also poised for a breakout above $35.00, with $40.00 in reach by April. There's even potential for a short squeeze towards $50.00 before a period of consolidation.

GOLD ETF FLOWS

With gold surpassing $3,000, Western investors remain underexposed. Current ETF holdings are around 86 million ounces, down from over 110 million during the COVID era—indicating substantial upside potential for gold.

Our Gold Cycle Indicator is at 318. Once it enters the red topping zone, we will start looking for a top.

Gold Futures

Gold is stretching to new heights. I don't expect a cycle top until prices enter the upper bands of our cycle indicator.

Silver Futures

A strong breakout above $35.00 could lead to $40.00+ in April.

Gold Miners

GDX has broken above the October highs, and prices could explode higher as undervalued miners play catchup to gold.

Gold Juniors

Juniors are above the October high, and a surge to the $61.35 high set in 2020 appears imminent.

NEM

Newmont appears to be on the verge of an epic rally that will quickly bring the price back to the price gap between $55 and $57.

GOLD

Barrick could quickly surge back to the October high with a breakout above $21.00 likely in April.

In Closing

Expect increased volatility surrounding Wednesday's Fed announcement.

Gold could surge if Powell hints at a potential endgame for quantitative tightening. If he's hawkish, gold could pull back or chop sideways.

Either way, gold is in a new advancing phase, and $3,000 is the first milestone in an epic bull run that should take prices to $8,000+ later this decade.

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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