Gold Prices Rebound as Cycles Indicate End of Downturn

Gold prices have taken a sharp downturn since late-August, breaking below an anticipated correction phase. According to Jim Curry of Gold Wave Trader and Market Turns Advisory, this decline was expected in the context of two key cycles: the 10-day and 34-day cycles.

The 10-day cycle, which is the smallest tracked by Curry, turned sharply lower on September 2nd, with a low of $4329.20 (December 2026 contract). This cycle has seen a sharp short-term rally since then, but a new upside 'reversal point' is expected to form soon.

The bigger 34-day cycle in Gold prices also saw a downturn, breaking below its downside 'reversal point' of $4491.20 (December 2026 contract) on September 1st. This triggered a decline back to the 34-day moving average, which has held as support.

Curry notes that this correction phase is expected to end up as a countertrend affair, with key support around the 34-day moving average and the lower 72-day cycle channel. The recent decline in Gold prices may have already bottomed, and an upside 'reversal point' is being watched for confirmation of the next upward phase.

Looking at the bigger picture, the next 72-day bottom into mid-October is expected to give way to a sharp rally of some 15% or more, playing out into early next year. This would be before topping an even-larger tracked 154-day cycle, according to Curry's analysis.