A Look at Gold’s Past Cycles — Is the Top Near?
By Crypto Mechanic | 10:38 AM, Jan 29, 2026
Gold has a long history of moving in powerful multi-year cycles, usually driven by liquidity, inflation fears, and monetary policy shifts. Historically, major gold bull runs tend to follow periods of aggressive money printing, rising geopolitical risk, and weakening real yields.
What Past Cycles Show
In previous cycles (1970s, 2008–2011, 2020), gold typically:
Breaks long-term resistance.
Enters a parabolic phase fueled by retail and institutional FOMO.
Peaks when central banks signal tightening or when real interest rates turn positive again.
Current Cycle (2024–2026)
This cycle is different in one key way: central banks are still heavy buyers, especially in emerging markets. At the same time:
Global debt is at record highs.
Real yields remain fragile.
Geopolitical risk is elevated.
These factors suggest gold is still in a late-stage bull market, but not necessarily at the final top yet.
Is the Top Near?
Technically, gold is showing signs of:
Strong momentum but also extended RSI levels.
Increased speculative positioning.
Media hype returning.
This usually signals a local top or consolidation phase, not an immediate cycle peak.
Bottom Line
Gold may be close to a temporary top, but unless global liquidity tightens sharply, the broader cycle still favors higher prices before the real peak forms. The final top usually comes with euphoria — and we’re not fully there yet.