The Gold Bugs Index is stealing up on a very important support zone that derives not only from a key low at 270.54 recorded in June of 2006, but from a midpoint Hidden Pivot support at 270.59 that is part of the pattern shown in the inset. A breach of the lower number would be ominous on its face, but it could also turn out to be a fake-out. We wouldn’t be able to test this hypothesis until the bounce from below 270.54 sputtered out and gave way to renewed weakness. _______ UPDATE: The HUI ripped through the support zone, trading as low as 267.03. This is very bearish on its face, as implied above, but time — and impulse legs of all degrees — will tell.