Gold is under heavy selling pressure this morning after 1700 futures contracts changed hands within one second moving price down from $1298 to $1284.40:

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GC_1284

Eric Hunsader of Nanex has an excellent chart illustrating the 10-second trading halt which took place after gold hit $1284:

GC_halt

After reaching $1331 yesterday the worst case scenario appears to be unfolding for gold bulls. The advance of the past two weeks can now be interpreted as a bear flag with $1300 now becoming resistance.