Why Gold Will Drop Below $1000 In 2017
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In general, the precious metals market has turned very sour. Gold registered it largest loss on a weekly basis since it crashed in 2013. Moreover, gold and silver miners, said to lead the precious metals complex, have truly crashed this past week.
Still, mainstream thoughts, which we consider a barometer for sentiment, remain very moderate. That should be considered a bearish sign. These are some of Friday's headlines of today, as gold lost more than 5 percent in two days, silver almost 15 percent in two days and precious metals miners even more than 15 percent:
The only analysis that is truly bearish appeared on Seeking Alpha, where the future price of gold was forecasted to drop below $1000. Though that article was not written by ourselves, we come to the same conclusion when analyzing price behavior and sentiment. And it surely confirms our proper gold price forecast for 2017.
Future price of gold points to $1000/oz as the most likely 2017 forecast
The gold chart sent a clear signal this week. As seen on the first chart, gold dropped below the important $1250 level. The price of gold clearly returns in the same bearish trend channel which started with the big collapse of April/June of 2013.
With that, we get the ultimate confirmation that gold is still in a longer term bear market, and that it is moving to the lower area of the channel which is below $1,000 /oz.
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