Loading ...HUI – Finally ?
With gold on the move today (around $1214 at time of writing), it looks highly likely that the miners will push higher too. The HUI closed last week at 199.29, just a fraction below the 200wma at 200.19, which has acted as resistance lately. Different types of chart analysis show a confluence of resistance levels around $1200-$1220. Unless it breaks down (dollar strength), it looks like we may clear an important hurdle here.
USD is down almost 1% vs Yen at time of post….Will gold sail past $ 1220 today when US trading opens?
It’s looking like it wants to. It seems to be all about king Dollar right now. Interesting to note GLD holdings haven’t started to gain yet, despite the recent uptick in gold. If/when that kicks in, it’ll light the fuse for the next leg higher (IMO). A really important week coming up (aren’t they all ?, lol).
We had our first GLD inflow last Friday 95.3 thousand ozs!
Ooo, well, let’s hope that’s just the start 🙂
high propability of us dollar backtesting 100 level. She shoot back up for the trump rally, unless it turns out to be utter chaos
Even God (Armstrong) is backpeddling on his “gold is going below $1k” call here. His flock has now missed two huge buy ops in mining shares: “We are starting to run out of time. We elected a minor Monthly Bullish of 1142 at the end of December, so that has given us the bounce. The benchmarks come into play in 2018, but they could be the first high rather than a low and that would confirm a change in trend. The 2015 closing is the lowest, and that would be a three-year reaction from the highest closing of 2015. Markets never act randomly. The failure of 2016 to produce the lowest closing was for a reason. It was not a fluke.”