This week is thus far helping the case of a double bottom scenario with the MACD triggering upward after the recent bullish divergence (by RSI and MACD) and reversal day last Monday.
If the signal holds and the EMA’s 10 and 20 are cleared the first target for GLD would be around 142 and the 50 day moving averages.
For HUI the first target would be where the declining 50 day averages meet the two most recent highs from April and May; roughly 290.
These charts have got the divergence and the constructive MACD. Now they need to clear the 10’s and 20’s to read further bullish into the picture.
FYI…
