Avi Gilburt at Minyanville asks the question “Is this the bottom for gold and silver?“, and goes into some technical analysis to try and find an answer. He notes the market is oversold past normal Fibonacci ranges, and the question is when will the oversold condition correct?
From his article:
In either case, the market is likely headed to 35+, (most likely in 2014) and how it will do so will let us know if the market is heading to 80+ (yes, you heard that right), or dropping down to the low teens to complete the larger degree wave 2, before heading to 80+.
Do you think, as Gilburt, that we will see one more dip in this consolidation phase, and a recovery in prices? What technical charts are your favorite, or are you a dollar-cost averaging long term investor who doesn’t watch the market short term?