HUI – Gold Bugs Index (Last:352.17)

Three weeks of stairstepping has yet to produce a bullish impulse leg on the daily chart, not that it would have taken much.  A pop to 372.03, just five percent above current levels, would do it, but failing that, we should look for the Gold Bugs Index to ease lower to the 329.53 target shown. The midpoint support associated with that number lies at 346.89, and we’ll infer that the trip down to the target is a done deal if HUI closes below the midpoint for two consecutive days.

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