Gold Prices Expected to Pull Back Before Resuming Uptrend

According to recent analysis by AG Thorson, gold prices are expected to see a final pullback before resuming their uptrend. This comes as Treasury yields continue to rise, putting downward pressure on precious metals.

The current year has been a consolidation phase following the record gains of 2025, and analysts predict that the uptrends in metals and miners will resume after the midterm elections. The Gold Cycle Indicator finished Thursday at 50, but could see a reading between ZERO and 25 later this month, which often supports a major buying setup.

The breakout above 5.00% in 10-year Treasury yields is extending the pullback in precious metals, with gold potentially retesting the trendline near $4,000 before stabilizing and resuming its uptrend. Historically, peaks frequently occur in October, suggesting that the correction in precious metals is nearing its end.

AG Thorson expects prices to top out when yields peak, likely within the next 30 days, with gold potentially reaching new all-time highs by 2027 and $10,000+ by 2030. The dollar could extend into the 103-105 area before peaking in October.