The Gold Bugs Index is nicely on track for a test of April’s all-time high near 609 — a move of nearly seven percent from these levels. Notice how each of the last two thrusts on the 240-minute chart have been impulsive — exactly what we should expect of a rally gearing to punch through an old top. The rally is impulsive on the weekly chart as well, further corroborating a picture of power percolating below the surface. Most immediately, a print at 570.37 would trip a conventional entry signal tied to a 604.70 target and a 581.81 Hidden Pivot midpoint resistance.
