Gold: Monthly Analysis

Gold has now lost over 30% from the top, and this week it printed a new annual low—continuing along the path we outlined back in February. The move has already been brutal. The question now is whether it has gone far enough. With the October prints finally in place, we can reassess the larger structure and ask the question that matters most: Is Gold approaching the end of this decline—or do the bears still have unfinished business? CANDLES and TA: There is a high probability that November starts with a bounce, as several short-term frames have moved deep into oversold territory. However, we still need to see how that bounce develops and, more importantly, what kind of structure it forms. The weekly, monthly, and 2M frames all closed with strong bearish candles, reinforcing the bearish odds across the mid- and long-term timeframes. Overall, Gold is neutral in the short term,…