Summing up there are multiple bearish signals in the gold market and in the rest of the precious metals sector and the analogies to previous major declines further support the bearish outlook The big decline in PMs appears to be underway as the previously discussed long term signals remain in place gold s huge monthly volume the analogy in the HUI Index the analogy between the two most recent series of interest rate hikes and the RSI signal from gold priced in the Japanese yen 