Gold Price Forecast: $5,000 Next?

The recent correction in precious metals and miners may be ending, according to AG Thorson, a registered CMT and expert in technical analysis. The Fed's rate hike on Wednesday was preceded by a pullback in metals and miners that started in late August.

This pullback is seen as a classic 'sell the rumor, buy the news' setup, where investors sell assets ahead of an expected event, only to buy them back when the event occurs. If gold has indeed bottomed out, it could set the stage for further gains.

Thorson believes that over the next 12 to 18 months, miners and white metals will outperform gold. He also notes that spiking oil prices remain a threat to the global economy, particularly if Saudi production remains offline for more than a few weeks.