NEW YORK ( TheGoldAndOilGuy.com) -- Gold and silver, along with their related miners, have been under a lot of selling pressure the last few months. Prices have fallen far enough to make most traders and investors start to panic and close out their long term positions, a bullish signal in my opinion.My trading tactic for both swing-trading and day-trading thrive on entering and exiting positions when panic trading hits. The general rule of thumb is to buy when others are fearful and cannot hold on to a losing position any longer. When they are selling, I am slowly accumulating a long position. The charts of gold and silver demonstrate the strong selling over the past two weeks. When you get drops this sharp, investors tend to focus on their account statements. They watch value drop at an accelerated rate to the point where they ignore the charts and just liquidate everything they have to preserve their capital. Gold Bullion Weekly Chart: The price and outlook of gold has not changed much in the past year. It remains in a major bull market and has been taking a breather. Nothing more. Stepping back and reviewing the weekly chart, it is clear that gold is nearing long term support. With panic selling hitting the gold market and long-term support only $20 to $30 away, this investment starts to look really tasty. But if price breaks below the $1,540 level and closed down there on a weekly basis, all bets are off, as this would trigger a wave of selling that would make the recent selling look insignificant. And the uptrend in gold would now be over.