One of the bricks answered you. I can remember the discussion very well.
It was $500-$700, not $800. And the timeline was 2 years. Original post: 25 April 2013.
On 25 April 2013 Farouk said:
"I have a target of $500/$700 in the next two years."
I agree with you that gold will go down some more, but the timeline was butchered by Ben.....
Recalling into my charts.
A head and shoulders on the GDX.
A head @66.98 neckline 38.98
A difference of 28 from neckline breach gives a bottom of +-11.
On october 2008 GDX made a low of 15.83 and Gold traded on that date @ $681.
Yes my call of $500 to $700 is based on above facts.Currently GDX is trading @ 24.52
She is well below her neckline of 38.98
So as long as that neckline is not breached that bottom figue of $500 to $700 is valid.
The charts are confirming what i said and i make my stand on the charts.No outside noise of China or Russia buying will change anything on the charts.
So far as time line is concerned the charts cannot tell you dates.
2 years was my personal opinion and i could be wrong because everything depends on the Fed or maybe some major event.
Remember when trading from charts your stop loss is very important.
On the above chart if neckline @ 38.98 is breached then and only then will Gold go to $10,000