GOLD INVESTORS FEELING ANGRY Gold’s recent price action looks very similar to the classic Psychology of a Market Cycle. The framework suggests markets move through emotional stages as investor sentiment shifts from optimism and euphoria to fear, capitulation, anger, and eventually depression. For Gold, the cycle could look something like this: • Euphoria: Late August peak near $4,700 • Complacency: September rebound to $4,500 • Anxiety / Denial / Panic: the decline that followed • Capitulation: the recent sell-off to $4,120 • Anger: potentially where we are now If this analogy continues to play out, Gold could still fall to $4,000, slightly below the previous Disbelief area near $4,043. From there, I’d watch for a relief rally, potentially back toward $4,100–$4,200, before another downturn completes the Depression phase. That would ultimately reset sentiment and potentially lay the foundation for the next cycle, where the first rebound is dismissed as a “sucker rally” before a new uptrend begins.