Bloomberg reported yesterday that “Gold Bulls Were The Strongest in 9 Months”  Included in the Bullish camp were John Paulson and George Soros.

Yesterday Gold & Silver closed against falling resistance lines at (1) above, while forming a potential descending triangle pattern over the past year. These patterns often lead to lower prices.

Let the great duel between the Gold Bulls and the Patterns begin, as a breakout would be very good for these products and a failure to break resistance would be painful to the bulls!

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past