Gold Price Forecast – Expect One More Shakeout Before Bottoming in June

Author: AG Thorson

Published: June 08, 2026

Key Points

• Precious metals are nearing mid-year target zones, with expectations for a bottom to form soon.
• If gold follows the 2006 market pattern, an uptrend could resume in July, potentially leading to a multi-year rally towards $14,000 by 2031.
• Upcoming CPI data and potential rate hikes from the Bank of Japan and the Federal Reserve are likely to influence near-term price action.

Market Overview

The U.S. dollar has surged following a recent employment report, nearing a critical resistance level. A sustained close above this level could exert downward pressure on precious metals.

Gold Analysis

Gold has closed below its 200-day moving average, erasing all gains for 2026. The Gold Cycle Indicator has dropped to 71, indicating potential further price declines, although this is not guaranteed. Historically, similar movements have led to significant recoveries, suggesting that current levels may present an attractive entry point for investors.

Silver Analysis

Silver experienced a notable decline, increasing the likelihood of a breakdown. Despite potential near-term weakness, the long-term outlook remains positive, with historical patterns suggesting significant future gains.

Platinum and Mining Stocks

Platinum has also fallen below its 200-day moving average, with expectations of a price gap closure. Mining stocks have seen a decline following a record gain in 2025, with technical indicators suggesting potential downside targets.

Final Thoughts

Increased volatility is anticipated around the upcoming CPI data release and central bank announcements. A target zone for gold is identified between $4,200 and $4,275, which could signify a significant bottom. If the U.S. dollar breaks above 101, it may lead to deeper corrections in gold prices.

Author's Background

AG Thorson is a registered CMT and an expert in technical analysis, focusing on market trends and price predictions.