The Gold Bugs Index created a bearish impulse leg of daily-chart degree since the last time we looked in on it, but it was answered with a bullish thrust of almost equal power.  This “duel” suggests that a lengthy period (i.e.,perhaps  3-4 weeks or more) of consolidation lies ahead, with neither bulls nor bears gaining much traction. Over the next day or two, however, the most bullish thing likely to occur would be a thrust above the external peak at 559.61 recorded May 4 on the way down.  Were that to happen, it would set up a likely test of April’s resistance peaks near 600.