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Gold and Gold Stocks - The Right Shoulder

In my last article (http://www.safehaven.com/article/33079/where-to-now-gold-and-gold-stocks) I predicted a down move. That move did manifest and my targets were almost hit. In the next few trading days I see a retest of the lows of a couple days ago or some backing and filling till Tuesday April 9. This down move has retraced a fibonacci 61.8% of the upmove starting from late December to mid March. And today GDX and particularly GDXJ moved up strongly on big volume. That is a good sign for the long side. I think they are forming the right shoulder of a head and shoulders bottom that began last July. The head of this pattern was in December 2013. This bottoming and basing pattern has I believe, a (the) right shoulder forming now. It is possiblw there could be two right shoulders. So I think there is very little downside risk. I expect I retest of the neckline by around May 7. The neckline is a little unclear to me but I think it is between 133 and 137.5 for GLD, 28 or 30 for GDX and 45 or 50 for GDXJ.

This analysis is based on technical analysis AND vedic financial astrology.

 

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