Let me add some technical heft to the observation in today’s commentary that the Gold Bugs Index looks ready to break out. Specifically, HUI appears bound for a Hidden Pivot target at 361.53 that lies just above a key September peak. The implication is that we are about to see the creation of the third bullish impulse leg of weekly-chart magnitude in more than four years. Moreover, if the target is breached on a closing basis, another at 391.16 (!) would come into play. The provenance of both numbers is shown in the accompanying chart.
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