Following a string of dismal forecasts stretching back to November, I tuned out the Gold Bugs Index for a while as it continued to fall. Now, a Hidden Pivot target at 325.63 has come into view, representing an approximately 6% decline from current levels. There's an alternative scenario that's bullish, but it will take a robust thrust to put it in play. Check out today's HUI tout for details.
Thursday, March 14, 2013
HUI – Gold Bugs Index (Last:347.48)
– Posted in: Current Touts Rick's PicksLast Friday's bounce from within less than a point of the midpoint support line (in red, at 343.00) confirms that the Gold Bugs Index will fall to exactly 325.63 if the support is decisively breached intraday or exceeded on a closing basis for two consecutive days. Alternatively, bulls can take encouragement if an unpaused rally exceeds 364.97, a somewhat obscure external peak that I've labeled in the accompanying chart. (Note: By 'unpaused,' I mean to imply the segment of the rally above the 360.36 'external' peak.)
GDXJ – Junior Gold Miner ETF (Last:16.40)
– Posted in: Current Touts Free Rick's PicksBulls hold a slight edge in a duel begun yesterday following a sharp pullback from the opening- bar high. We're still looking to buy the stock, although we shouldn't chase it to achieve this goal. Camouflage traders can seize the opportunity if a pattern like the one shown develops today. I'll be away from the office, unable to signal an entry in real time, but to the first chat-roomer who does so profitably using a valid 'camo' signal, I'll sweeten the pot by throwing in a free three-month subscription to Rick's Picks. Click here to sample the service free for a week.
