Secondary Bottom Coming in Gold Stocks

(Before It's News)

by Jordan Roy-Byrne, CMT
Gold Seek

I have to admit, I never saw the gold stocks correcting this much. After making a textbook double bottom and registering very strong momentum readings, I expected a relatively tame October correction to be followed by another leg higher into year end. I thought GDX would bottom at $49. Obviously I was wrong on all counts. It’s difficult to make predictions when they are about the future. Kidding aside, forecasts are only a guide or a potential roadmap. No one can predict the future. However, we can assess risk, reward and probabilities. We think the probabilities favor a secondary bottom in the gold stocks and very soon the risk/reward dynamic will be heavily in favor of longs.

Continue Reading at GoldSeek.com…

• A Credit Rating Downgrade And A Market Collapse Coming In Weeks: Wealthy Fleeing France, UK, U.S. As The Country Is Entering An Era Of Fiscal Austerity And Tax Rates Becoming Unbearable, Fiscal Cliff Deal Looking Increasingly Unlikely, And Economic Growth In Advanced Economies Is Essentially Over!
• 2013 Federal Income Tax Brackets, Show This To Anyone That Believes That Taxes Are Too Low
• Don’t Negotiate In The Press Or Anywhere Else For That Matter
• Keiser Report: Scum Villages, Royal Snooki Babies And Banker Crimes
• The Worlds Economy Is In Peril, The Government Knows It. Ministers Telling Us To Save Money For A Rainy Day, Slow Growth, Periods Of Recession, All Of This Happening Recently.
• DAX and CAC Break Out
• Cue Nonfarm Payrolls
• Earth At Night
• Unemployment Falls To 7.7% Says U.S.Bureau Of Labor Statistics
• Cross Behaviour