CLICK ON CHART TO ENLARGE
The Power of the Pattern suggested Gold should peak around $1,900 an ounce, when it was trading at $1,600 (see $1,900 Gold peak post here)
Gold & Silver both ran into 10-Year resistance lines at (1) last year. Gold has declined 15% and Silver 40%+ since hitting these lines.
Over the past year, Gold & Silver may be forming “Descending Triangle” patterns.
The bottom of a descending triangle pattern represents support, which both Gold & Silver find themselves on at this time. If traders break support, Gold & Silver are in Jeopardy of much lower prices!
