HUI – Gold Bugs Index (Last:500.98)

Gold Bugs Index (HUI) price chart with targetsA Hidden Pivot at 576.19 looks safe to use as a minimum upside projection for the intermediate term now that its sibling midpoint at 469.72 has been well tested as a consolidation level.  Pivoteers may have noticed that this week’s gains have pushed the futures above peaks from mid-May and early July, and although the rally is not quite impulsive on the weekly chart, it attests to the persistence and strength of buyers. From here there are just two more peaks to be dispatched, and the Gold Bugs Index could do it with a moderate thrust of just 20 points. There is also one additional hidden resistance at 540.61, but I proffer it merely as a trading point, not as a show-stopper.