The precious metals rally appears to have reached an important juncture.
Yesterday I wrote about Silver and a potential inflection point. Today, we turn to the gold miners and the all important Gold Bugs Index (HUI).
Below is a “monthly” chart of HUI. Here we can see that the Gold Bugs Index has reached an important confluence of resistance.
The rally has brought the Gold Bugs back to falling trend line resistance, lateral resistance, as well as the underside of the original rally trend line.
In short, this is a BIG area of resistance that will either bring a pause/pullback to the rally, or see a major breakout.
Looks like a key inflection point is in play for Gold bugs Index! Stay tuned!
Gold Bugs Index (HUI) “monthly” Chart
Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to services@kimblechartingsolutions.com for details to get set up.
Twitter: @KimbleCharting
The author may have a position in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
