Almost no one has noticed that gold is brewing a major rebound: as shown in Figure 1, we are currently in the recovery phase after a historic crash, and it’s likely we’ve reached a turning point. Of course, I predicted this historic-level drop as early as March this year (Figure 2). The current phase of gold is very similar to March 2021 (Figure 3): experiencing a historic-level sharp decline → consolidation and fluctuation → preparing for a rebound/uptrend. The nearest resistance level above is still the 4303-4330 range mentioned on July 22. If this week’s weekly close stays above this level and doesn’t fall below 4160 afterward, we can basically declare that gold’s major rebound has officially started. This rebound will at least match the scale of the red segment in Figure 3, and it might even expand to the same scale as the green segment on the right. What we need to do now is wait for the key levels to break through. If there’s any structural change in gold’s major trend, I’ll update here, so stay tuned. Remember, my call for the top at XAU 5600 was correct, and my prediction for the rebound to 5400 was also spot on.