Gold Bugs Index

From a Hidden Pivot perspective, yesterday’s thrust in this vehicle was more impressive than the one considered in today’s Silver Wheaton tout. Specifically, the Gold Bugs Index has already cleared an ‘internal’ peak — one of two that must be exceeded to create a robustly bullish impulse leg on the hourly chart. (The second lies at 568.69. See inset.) It’s a fly-or-die situation, since a failure to hurdle these peaks straightaway would leave HUI in technical Purgatory.

Downside to at least 479.62 appears likely, although any further slippage would augur 470.18.  These Hidden Pivot supports are, respectively, the ‘p’ midpoint of the large pattern shown, and the ‘D’ target of the smaller one, and they are probably the best that bulls can hope for over the near term.