Market Analysis of Precious Metals - Precious metals are experiencing a sell-off, potentially due to technical factors and profit-taking after a rapid rally [1][3] - Gold prices had been trading in overbought territory since the beginning of September [3] - The universe of investors in the gold space had expanded rapidly [3] - ETP flows showed rapid accumulation in gold [4] - Positive rhetoric around US-China trade talks may have contributed to the downward pressure [5] Price Levels and Forecasts - Standard Chartered forecasts a quarterly average of $4,000 per ounce for gold in Q4 [7] - Gold is expected to regain momentum in 2026, with further highs anticipated next year [7] - Q1 prices are expected to average $4,200, and the yearly average is projected at $4,488 per ounce [7] - A healthy correction could see prices dipping below $4,000 per ounce in Q4 [8] - Technical support levels are identified at $3,900 and $3,700 [9] Physical Market Dynamics - Physical market demand from China and India hasn't been fully tested on the downside [9] - Indian market demand is responsive to high but stable prices, but may decrease with high volatility [10]