The gold market looks like being in a typical short-term bear cycle:
The green line indicates that since middle April 2018 the gold has been in a downward trend.
However, this chart says something different:
The chart shows a popular gold market performance measure, the gold / silver ratio. To remind you, during the furious bull markets in precious metals the ratio is going up. And vice versa - during a bear market it goes down. The message delivered by the above picture is quite simple - the precious metals market is in a bull cycle.
And the last chart:
This time the chart shows another popular performance measure, the GDX / gold ratio. Once again, during a typical bull market in precious metals GDX (or gold mining companies) outperform the gold itself. The blue up-trending line evidences that the precious metals market is in its bull cycle.
So the question is: "Are we in a bear or bull market in precious metals?"