$3,400 Gold Before the Real Rally Begins

Chris Vermeulen argues the recent gold selloff is more likely a healthy mid-cycle correction than the start of a larger top, with a deeper pullback into the $3,300–$3,800 area seen as a way to flush out late longs and reset sentiment. He flags $3,600 as an important technical waypoint before any attempt to re-accelerate higher. The core message is that the market may need to build a stronger base before the next leg higher, rather than immediately extending the current move. Vermeulen’s longer-term framework remains aggressively bullish, with a possible path toward $8,000 or higher over the coming years if the bull trend reasserts after consolidation. For traders, the near-term takeaway is to treat weakness as potentially constructive unless $3,300 fails decisively on a closing basis. The setup remains tactically corrective but strategically bullish, with sentiment reset and post-correction positioning likely the key catalyst for the next impulse move.