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2014 has been kind to Gold, as its up over 13% in less than 90 days. What has this rally proven when it comes to the big picture for Gold?
The above chart reflects that in the past 9-months, gold looks to be chopping back and forth. In the bigger picture, Gold looks to be inside of a large falling channel, hitting support of this channel 9-months ago and now its hitting falling resistance.
Could we look to Silver for some answers? A month ago I shared with Premium and metals members that the Power of the Pattern reflected that Silver looks to have formed a bearish descending triangle and the downside looks incomplete. Should that pattern complete itself, Silver could fall as much as 30% from here (Silver decline)
Tell the Truth Tuesday….Gold and Silver are both facing key resistance lines, to change the big picture trend, they need to break these resistance lines!