Gold Forecast: Gold Expected to Target $2,450 in December

Gold reached its peak in October and is now undergoing an intermediate decline, which could see prices drop toward $2,450 in December.

The recent rebound in gold was anticipated, but it may be nearing its end. Prices are approaching key resistance levels between $2,720 and $2,760.

The monthly chart of gold confirmed a major breakout in 2024, with our technical analysis supporting a bullish price target between $8,000 and $10,000 by 2030.

GOLD MONTHLY: The post-election decline in gold has been disappointing, but it's important not to lose perspective. Gold confirmed a major bull market breakout in 2024 that should push prices towards $10,000. The current decline will be a distant memory and barely recognizable come 2030.

GOLD DAILY: Gold reached our $2,800 target in October and prices are bouncing after the initial breakdown. Once this rebound is complete, our work supports one more drop in December that could test $2,450 before bottoming in the next cycle low.

SILVER: Silver is not confirming the recent move in gold and is showing relative weakness. This bounce should be limited to resistance near $33.00, followed by more downside in December. If silver continues to underperform - prices could retest the $26.50 area.

PLATINUM: Platinum formed a bearish engulfing candle after testing the 50-day EMA. After this rebound, more downside is likely, which could take prices below $900.

GDX: Miners are bouncing with near-term resistance near $39.00. It would take progressive closes above $40.50 to support a bullish reversal. Otherwise, more downside is likely in December.

GDXJ: Juniors are bouncing towards resistance near $49.50. Prices would have to close progressively above the election day high of $51.62 to establish a bullish reversal. Overwise, I'm looking for more downside in December.

SILJ: Silver juniors are bouncing and could fill the gap near $13.20. Prices would have to close progressively above the election day high ($13.68) to restore bullish momentum.

BITCOIN: Bitcoin is a stone's throw away for 100k. The MFI is overbought, and we could see a pullback on profit taking. Crypto appears to be in a new bull phase that should last into Q4 2025.

Conclusion

Gold surged nearly $1,000 from its October 2023 low and is now taking a necessary pause. The current rebound appears to be driven by geopolitical factors but lacks confirmation from silver or platinum. Additional downside is expected with a bottom likely in December (around the Fed announcement).

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