There's a combination of factors here. From a technical standpoint, we can see that prices have been trading in overbought territory since the start of September, but equally, the rally has been fast and furious. It's been quite a different momentum that we've seen in this last leg, higher from about 3500 to when prices breached 4000. It wasn't the same cadence of demand that we had seen previously and the universe of investors in the gold space had expanded quite rapidly. We were seeing a rapid accumulation in terms of ETP flows, so gold hadn't really had a chance to test that floor. And then coupled with that technical overbought territory, then also we were ahead of the Diwali related buying as well, and that was impacting both gold and silver. Now, Diwali took place on Monday. The potential I could see a slowdown in some of that appetite as well. So it is likely a combination of factors. And coupled with that, we also saw some positive rhetoric around US-China trade talks, thus a combination of factors, but we think technical selling has been the main culprit behind the downward leg that we've seen.

That's a great way of looking at this sell off. We are forecasting a quarterly average of $4,000 per ounce for the fourth quarter. We do expect gold to regain its momentum going into 2026 and we're expecting further highs next year. So we're expecting Q1 prices to average 4200 for the year as a whole, $4,488 per ounce. But in Q4, we think that currently we are seeing something of a healthy correction. We wouldn't be surprised if we see prices dipping below $4,000 per ounce. From a technical standpoint, I think that provides the best guidance in terms of what sort of levels we could be looking at in the near term. And 3900 is a next technical support. And then beyond that, we look at levels around about 3700 in terms of where that support could come. I would say that normally in the gold space we look to the physical market to set that downward support, but we haven't really had a chance to test that floor. The physical flows that we saw in terms of sector demand, in terms of demand from China and India haven't really been tested on the downside. So that will be crucial in terms of where that demand materializes. India's market simply would be still responsive if prices were high but stable. But if they're high and volatile, then we tend to see the market stepping away.