Gold has been on an Intermediate-Term Trend Model (ITTM) BUY signal since January 25, 2016. The longer-term outlook is still positive, but there are signs that a price correction may be imminent. First, a rising wedge pattern has formed, and the technical expectation is that it will resolve downward. Reinforcing this outlook is the PMO negative divergence — lower PMO top compared to the higher May price top. Also, the PMO has crossed down through its signal line.