Gold Forecast: Gold Bull Setting Up for Next Leg Higher

As mentioned in my recent articles, Gold was seen as pushing higher overall into mid-to-late August, before dropping down to a secondary low into what now looks to be late- September. From there, a sharp rally of some 14-20% is favored to play out, lasting well into the Spring of 2026 - before forming a larger-degree peak.

Gold's 10-Day Cycle

As mentioned in my prior article (on 8/18/25), the last short-term bottom was expected to come from our 10-day cycle, which was in bottoming range at that time.

Here again is that 10-day cycle for Gold:

In terms of price, it was the 8/22/25 reversal above the 3405.00 figure (December, 2025 contract) which confirmed the upward phase of this 10-day cycle to be back in force. In terms of time, that action favored additional strength into last week - with the full potential for a test of the 3534.10 swing top to be seen.

With the above said and noted, our 10-day wave is now some 7 trading days along - which puts it in the back-end of normal topping range. With that, the next smaller-degree peak is due with this cycle, and which is now due to form at anytime.

In terms of price, it is too soon to confirm the next downside 'reversal point' with this 10-day wave, though a number should ideally show up soon - which will be posted in our Gold Wave Trader report. Once this wave peaks, the 10-day moving average would be the natural downside magnet to a correction.

The 34-Day Gold Cycle

Stepping back slightly, the last bottom for our larger 34-day cycle in Gold was made in late-June, with the assessment having favored strength into the month of August - which we have obviously seen.

Here again is that 34-day cycle in Gold:

From my 8/18/25 article: "in terms of price, holding above the 3318.80 figure on the current downward phase of our smaller 10-day wave suggests at least some potential for a spike back above the 3534.10 swing high in the next week or two, before topping the bigger swing up."

As mentioned above, holding above the 3318.80 figure (December, 2025 contract) on the most recent correction with our smaller 10-day cycle suggested the potential for a spike back above the 3534.10 swing top, before peaking the larger 34-day wave. With that, Gold came down to a low of 3353.40 on the last decline, which held above this key 3318.80 figure - thus giving way to the sharp rally into last week.

With the above said and noted, until proven otherwise the upward phase of this 34-day  wave is still deemed to be in force, with its current upward phase expected to peak the larger 72 and 154-day waves, for what should be another countertrend correction into mid-to-late September.

Gold's 72 and 154-Day Cycles

As mentioned in my past articles, the last low of significance came with the 72-day cycle in Gold, which bottomed back in mid-May of this year, and with that was viewed as pushing higher into the month of August.

Going further with the above, the current upward phase of our 72-day cycle is expected to top the larger 154-day wave, the latter which is shown on the chart below:

In terms of price, it would currently take a reversal back below the 3318.80 figure (December, 2025 contract) to actually confirm a turn south with our 72 and 154-day cycles into what looks to be the late-September timeframe.

Otherwise, holding above that 3318.80 number keeps the bullish uptrend intact, with this 'reversal point' figure looking set to rise in the days ahead - and with the latest number always posted in our Gold Wave Trader market report.

In terms of patterns, the correction into the next 154-day low is expected to end up as countertrend, holding above the 3208.00 figure (December, 2025 contract) - the mid-May bottom. If correct, what follows should be another sharp rally of 14-20% or more, ideally lasting ideally into February of next year, plus or minus.

As mentioned in my last article, Gold has the potential to reach the 3800-4000 region into early next year - before topping the bigger four-year wave, for what is expected to be a larger-degree (i.e., 25%+) correction into the late-2026 to Spring of 2027 window. We will go into more detail on this four-year cycle in Gold, in a future article.

Technical Considerations

In looking at technical indications for Gold, one of the key short-term signals that we follow comes from our Gold Timing/Cycle indicator, which is shown on the chart below:

From my 8/18/25 article: "of key note for the short-term view is that our Gold Timing/Cycle indicator has recently turned back to the downside, and with that has now moved back below its lower reference line. The best rallies start when this indicator (in red) is below its lower reference line, where it is right now. This is supportive of the next short-term upward phase."

As mentioned above, our Gold Timing/Cycle indicator (in red) dropped below its lower reference line back on 8/15/25, with Gold closing that day at the 3382 figure (December, 2025 contract). This action supported the idea of a sharp rally playing out - which we have obviously seen - and coming from our 10 and 34-day cycles.

With the most recent action, of note is that our Gold Cycle indicator looks set to move back above its upper reference line soon, which, if seen, would be viewed as a short-term negative - and thus would be supportive of the next correction. That decline is expected to come from our 10-day wave, with at least the potential for something bigger, due to the position of our larger 34, 72 and 154-day cycles. Stay tuned.

Jim Curry
The Gold Wave Trader

Market Turns Advisory
http://goldwavetrader.com/
http://cyclewave.homestead.com/

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