The Gold Bugs Index looks vulnerable to a nearly 5% drop, assuming it falls to a Hidden Pivot support at 414.00 that comes from the daily chart. This target is tied to a point ‘A’ high at 471.18 recorded on July 13, but if HUI should overshoot the target by more than a point or two, the implication would be new jeopardy to as low as 383.96. I doubt it will be that bad, but in any case it will take a rally to at least 459.98 over the next 3-5 days to turn the hourly chart bullish.
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