Since printing its high earlier this year, Gold has spent nearly six months correcting, with price respecting a clear descending trendline while gradually working lower.

Rather than viewing this as the start of a bearish trend, I see it as a higher-timeframe correction within the broader bullish structure.

Over the last 45 days, price has transitioned from trending lower into accumulation, where liquidity is often built before the next significant move.

If that process continues, one final manipulation into the Monthly Fair Value Gap, aligned with the Previous Monthly Low, could provide the liquidity needed to trap late sellers before the higher-timeframe trend resumes.

The previous rally began after a similar accumulation phase before expanding aggressively higher.
If this higher-timeframe narrative remains intact, Gold could be preparing for another impulsive leg toward the all-time high and potentially into price discovery.

As always, I don't chase price.

I wait for the higher-timeframe trend to align with the right location.