The Gold Bugs Index did everything we could have asked of it on Friday and then some. By exceeding the minor Hidden Pivot target shown in the accompanying chart as well as the peak to the left of it, it showed an appetite for munching into the shelf of supply created last week between around 211 and 225. However, it would take nothing less than a surge to 268.07, just above the small peak recorded on October 14, to turn the daily chart bullish. _______ UPDATE: HUI easily ate through the supply on an opening gap of almost 10 percent. Now for the heavy lifting. Upside potential over the next 5-6 days is to as high as 280.42, but first the midpoint resistance at 236.02 will need to be ovecome — make that, obliterated.
