Gold prices are expected to form an interim low, according to analyst AG Thorson. He forecasts a rebound into May before gold slips back towards $4,300 for a mid-year low.
Thorson notes gold and silver are taking a breather after strong gains in 2025. He forecasts gold could reach $8,000 in 2027 and potentially $15,000 by 2031. Silver, after its surge to $120, is seen reaching a target range of $300 to $500 in the coming years.
Platinum is also expected to bounce into May, then slip into a mid-year low. It could test support near the October high of $1,750.
Mining stocks are forecast to bounce into May before rolling over. This could lead to a retest of their March low sometime in July. Junior mining companies may test or break marginally below their March low around the same time.
The Gold Cycle Indicator finished at 150. It is expected to enter a cycle bottom around mid-year.