Thus, it would appear that the correction phase may have ended and that a trading range has now begun.

FORBES: Upgrade Parade Continues With S&P Downgrade in the Rearview

The selling across many of the commodity markets has now turned into a stampede for the exits this week, as the Reuters CRB Index, as well as the commodity ETFs and ETNs are now clearly in a correction phase.

FORBES: The Commodity Bull Market Isn't Over

And a more serious correction in gold at some point, perhaps now, could happen before the final phase of the bull market begins.

FORBES: Why Gold Has Further To Fall