Precious metals multi-month rally continued into September, with Gold hitting new all-time highs.

But Gold may be sending a cautious message to bulls at the end of September month and quarters-end. While the trend is very much bullish, Gold has created a large bearish reversal pattern this quarter at (2).

This comes in the same quarter that Gold made new all-time highs while testing the very same 261.8 Fibonacci level that Gold kissed and was rejected by back in 2011 at (1). The reversal back in 2011 marked the high for several years!

If Gold bulls want this bull market to continue, they need to see price eclipse the recent highs and negate this reversal warning signal.

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