It is moderately bullish that before this correction began, the Gold Bugs Index surpassed a midpoint resistance  associated with a target well above current levels, at 661.07.  That target will remain viable as long as the point ‘C’ of the pattern, 492.04, is not exceeded to the downside.  The midpoint itself lies at 576.56, and since it is now resistance, we’ll need to see HUI close above it for two consecutive days before we infer that bulls have regained the upper hand.