Last 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.)
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