Gold Price Forecast and Longterm Prediction (Update 2020)

In this article we make a Gold price forecast and also a long-term prediction. We would like to give an assessment of the further price development of the Gold price in US-Dollar. We also look at the long term charts for Gold, which are the yearly, quarterly and monthly charts with logarithmic scale. The basis of our analysis is Price Action and Technical Chart Analysis.

The charts used are from TradingView and the prices are from the Gold Futures traded at COMEX.

Gold Price Forecast: Daily Chart

Last update: September 22, 2020

The Gold price on the daily chart reached a new all time high at 2089,2 on August 7. In the following days the gold price dropped to the August low at 1874.2. Then a big trading developed with priced fluctuating around the 2011 high, which is located at 1923.7. The Gold future now trades below the 20 days simple moving average (blue line) and also below the 50 days simple moving average (green line). Prices are approaching the August low.

Gold price forecast daily chart
Gold price forecast: More downside potential ahead? (Chart: TradingView)

Resistance: 2001.2 | 2024.6 | 2089.2
Support: 1923.7 | 1874.2 | 1798.1

Gold price forecast: We expect to see a weaker gold price with next target at 1874,2 (August low). More downside potential is possible until the 2012 high (1798.1). Only a price advance above the September high at 2001.2 could turn the slightly negative chart picture to positive again. In this case we could expect upside potential until the all time high.

Gold Price Forecast: Weekly Chart

Last update: September 22, 2020

The Gold price on the weekly chart is moving in an established uptrend and has reached a new all time high. Currently we see a correction of the uptrend and gold price moving sideways around the 2011 high.

Gold price predictions weekly chart
Gold Price prediction: Technical correction of the uptrend (Chart: TradingView)

Resistance: 2001.2 | 2024.6 | 2089.2
Support: 1923.7 | 1874.2 | 1798.1

Gold price forecast: The longer term uptrend in the gold price is still intact and currently we see a strong technical correction. The area around 2011 high is major support. But even a stronger correction down to 1829.8 is possible. Only a fall below 1798.1 could turn the positive chart to neutral or negative.

Gold Price Predictions: Monthly Chart

Last update: September 22, 2020

The Gold price on the monthly chart is moving in an established uptrend and has reached a new all time high at $2089.2.

gold price forecast monthly chart showing uptrend
Gold price forecast: established uptrend reaching all time high (Chart: TradingView)

Resistance:  2001 | 2089.2
Support: 1923.7 | 1874 | 1829 | 1798.1

Gold price predictions: We see an established uptrend, so probabilities favor a continuation of the price advance. The positive chart picture would turn to neutral, if gold prices drop below the high of 2012 at $1798,1.

Gold Price Predictions: Quarterly Chart

Last update: August 10, 2020

The Gold price on the quarterly chart is moving in an established uptrend and has reached a new all time high.

Gold price forecast quarterly chart
Gold price forecast: established uptrend reaching all time high (Chart: TradingView)

Resistance: 2000 | 2089.2
Support: 1923.7 | 1798.1

Gold price forecast: We see an established uptrend, so probabilities favor a continuation of the price advance. The positive chart picture would turn to neutral, if gold prices falls below the high of 2012 at $1798,1.

Gold Price Predictions: Yearly Chart

Last update: August 10, 2020

The Gold price on the yearly chart is moving in an established uptrend and has reached a new all time high.

Forecast Long term yearly chart of gold price
Gold price forecast: established uptrend reaching all time high (Chart: TradingView)

Resistance: 2000 | 2089.2
Support: 1923.7 | 1798.1

Gold price forecast: We see an established uptrend, so probabilities favor a continuation of the price advance. The high of 2012 at 1923.7 is relevant resistance. The positive chart picture would turn to neutral, if gold prices falls below the high of 2012 at $1798,1. The long term picture of the gold price could turn to negative if prices fall below the low of 2020 at $1450.9 .

What is the current price of Gold in US-Dollar ?

The current price of Gold you can see here.

*This price prediction is based on the data collected from various sources. This should not be considered as an investing parameter and user should do their own research before investing.

Do you think our predictions are accurate? What are your thoughts on the methods used to reach our conclusions? Let us know in the comments below.

Leave a Reply

Your email address will not be published. Required fields are marked *

Scroll to Top