Gold Price Forecast: Is Trump Making Gold Great Again?

Gold skyrocketed to new all-time highs amid rising concerns over tariffs.

Stockpiling in New York led to shortages in London ahead of Saturday's announcement.

Since the November election, traders have moved (repatriated) nearly 400 metric tons into New York.

If bringing back the metal is the first step in making gold great again; ending price manipulation is the next logical step.

Metals and Mining Update

Less than a month ago I wrote: Recent Cycle Lows Point to More Upside, Particularly for Miners. Miners continued to climb, supporting the potential for a slingshot rally into March. The chart below was posted January 3^rd.

GDX (January 3, 2025)

Miners started the year with a strong up gap, and I think we may have a cycle low at $33.42. A daily close below the $33.90 gap would nullify the potential for a bottom.

Miners are bouncing from their December low, and the key level to watch is $37.30. Progressive closes above that level would promote more upside, whereas failing to recapture that level in January would open the door to more consolidation.

Note: I see the potential for a slingshot move to the upside. Those odds will increase if prices close progressively above $37.30 quickly.

GDX Update (January 31, 2025)

Miners moved through major resistance in January, and if they maintain the recent breakout above $38.00, prices could target $43.00 in March.

Intermediate Outlook

GOLD: Gold soared to a new all-time high. If prices are still above $2,800 next Friday, I see no problem with prices reaching $3,000 in February.

SILVER: Silver broke cleanly above the downtrend line and closed firmly above $32.00. A daily close above $33.33 would be bullish, especially if it happens quickly.

PLATINUM: Platinum jumped over 5.00%. Progressive closes above $1,065 would promote an upside breakout targeting $1,250.

GDX: Miners gapped through major resistance (possible breakaway gap). The short-term trend is bullish as long as prices don't close below $37.90. If this is a breakaway gap, I'd expect prices to close above $39.73 in the coming days.

GDXJ: I see the potential for a breakaway gap as long as prices don't close below $47.25.

SILJ: Silver juniors are at critical resistance. Prices must close above $11.37 to secure a breakout. The next three trading days are crucial.

NEM: Newmont must hold the $41.60 price gap to promote a breakout. Upside follow-through above the 200-day MA ($44.93) would reinforce a quick run at $49.00.

BARRICK: Barrick gapped higher and finally closed above the 50-day EMA. Prices must get back above the 200-day MA to restore its bullish footing.

GDX vs. GLD: The GDX to GLD ratio closed progressively above the 50-day EMA, confirming a December low. Miners remain in a bear market compared to gold until the ratio gets back above the 200-day MA.

Next Week

• Upside follow-through in gold and silver would open the door to an explosive February rally.
• Gold and silver weakness after Friday’s employment report could put metals and miners in time out for a few weeks.

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