A remarkable precious metals rally ended in early September. Gold reached almost into a long-term resistance cluster before the advance stopped. The subsequent correction has been unfolding for two months. Its character is choppy, shallow, and time-consuming.
Those who are familiar with our work remember that we turned bullish on metals in November 2018 and expected a significant trend reversal in August. Both signals proved correct. However, the downside action does not look convincing. It could turn out not to be the trend reversal, which we expected. Its character fits better with a correction of