Carnage vs. Calm

Well, that's it. It's official. The gold bull is over. Dennis Gartman said so, so it must be true, given his outstanding track record. And Jon Nadler agrees, so it's as good as in the bag. Even the perma-bullish blogosphere is full of doom and gloom.

I'd agree that things feel pretty bad. Gold has made a series of lower highs since it hit $1900 back in September, and silver is still suffering from its broken parabola of 2 May. It's not surprising therefore that last week's plunge on the back of disappointment that the FOMC minutes didn't endorse new quantitative easing measures (i.e. 'QE III') has rendered an already bearish community almost without hope.

But do the charts support the thesis that gold's bull run is over? Are we sitting on the precipice awaiting carnage, with our already red positions about to go scarlet? Or are the charts telling us that nothing unusual has happened, and that all is calm. Let's take a look, and - for fun - let's keep score on the Carnage vs Calm points...