The Gold Bugs Index has been struggling to stay above the 239.44 midpoint pivot shown (red line), but if the support fails we could be looking at 185.41 as a minimum downside objective. More immediately, a downtrend on the hourly chart will need to hold above the 254.76 target (A= 283.19 on June 6 at 3:30 p.m.; B= 265.73 on 6/10 at 10:30 a.m.) to keep bullish hopes alive.
