Gold to 3610 for the following reasons GoldOANDA:XAUUSDBROCTAL-FOR-TRADINGFirst: Technical Reasons Reason One: Between the highest peak and the lowest trough on the monthly or bi-monthly timeframe, we have the 0.5 Fibonacci retracement level. This is a correction zone that price historically returns to with a very high probability. Reason Two: When the price reached 3,940, it accumulated for two full months and then rallied to 4,600 without sweeping the liquidity below 3,940. After all that accumulation, this indicates that the climb to 4,600 was merely a correction and a "bull trap." The price will inevitably revisit the zone below 3,940, no matter how long it takes. Second: Fundamental Reasons Inflation and the Federal Reserve will cause further downside for gold due to the Fed's insistence on curbing inflation. On the other hand, Trump and Netanyahu want the Iran war to continue; their only current obstacle is the US midterm elections. Therefore, I expect the war to resume after November, pushing oil above $120 for a period. This means more inflation, further interest rate hikes, and subsequently, more downside for gold. Additionally, bond yields are at peak levels in the US, the UK, and Japan. This adds to the downward pressure on gold, sustaining the bleeding and correction down to 3,610 and below. Afterward, gold will enter a prolonged accumulation phase that may last for 4 months, setting the stage for a new rally toward fresh all-time highs. God knows best