Gold has developed a multiple, nested descending triangles since the beginning of August. The first pattern between mid-August and mid-September had a positive breakout but then dead-ended in a second descending triangle pattern with the same start and extending through the end of last week. The resulting breakdown this week clearly shows that the two smaller descending triangles are fully contained within a larger descending triangle that has developed as a result of the breakdown this week. I would expect gold to bounce off of this support and then fail at the descending triangle resistance level over the next week and a half. Then it will fall to the support which will double as the 100-day DMA. After another bounce off support, I would expect a minor breakout to upside which fails and falls down to support in the 1800-1810 range.