Getting Close
HUI is currently just above 186 – that’s getting very close to my 183 ‘line in the sand’. Gold dropping into the $1250’s as well. Could we see the triangle bottom rails being tested today ?
HUI is currently just above 186 – that’s getting very close to my 183 ‘line in the sand’. Gold dropping into the $1250’s as well. Could we see the triangle bottom rails being tested today ?
Maybe HUI will bottom at March lows, but overall gold market investors are still too bullish, so I am afraid the December bottom of Hui 160 is certainly in the cards, if not marginally lower. Why? I don’t know, but the gold market always goes from one extreme to another, and it certainly is possible we need a panic spike lower like we witnessed in Jan 2016 and Dec 2016 before we can move forward.
Certainly possible Alex. If $1240 goes, the larger triangle in gold is in play, and we’re likely to see $1150.