It may not be a popular view but then again, when everyone's on one side, doesn't the market tend to do the opposite of what's expected? It seems the Elliott Wavers of the blogisphere are calling for gold to head lower here but I stand by my call of last week that the low will hold and we'll see a head-and-shoulders bottom (right shoulder) forming here. Silver and all of the miners reflect a similar pattern, as posted here at StockBuz last week. The weekly even resembles a possible double bottom. Wouldn't that be sweet! At the very least, down side risk is defined (last weeks low) but with fear in the market and heavy selling continued after the first of the month, utilities (safe haven) are already hitting a new high and I believe flight to precious metals will continue as well. At least in the near term. Not a long/hold.
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