The Gold Bugs Index somewhat exceeded an important 341.01 rally target at its last peak, providing modest encouragement that the nasty selloff since has been corrective rather than impulsive. We’ll know more if and when HUI encounters a Hidden Pivot support at 265.12, my minimum downside projection for the near term. If the selling overshoots that mark and then continues to at least to 254.94, that would be a bearish sign going forward, implying more slippage to as low as 238.51 over the next 3-5 days.
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