Not to heap any more on the unfortunate gold bugs – their trouncing over the last few months has been rehashed in enough places (including here) that there’s not much to be gained from pointing out their woes yet again.

We just wanted to draw your attention to a chart pattern we’ve been watching as it has developed. Our charting may be a little rusty, but it appears that gold is forming the classic “frowny face” pattern:

Chart courtesy Finviz.com. Disclaimer: past performance is not necessarily indicative of future results.

Rather fitting, considering this is the face that most gold investors are probably making right now.