The 60 minute chart shows a support level that it should hold to avoid a growing risk that the gap will fill.
A consistent characteristic of the 8 month bear market has been that during sell offs, the index weakens during the day; gets heavier and heavier until gold bugs just finally flush. I am not going to play that game. If the green line gives way, I am going to take some profits.
As it is, I may take a profit on CEF which has barely moved despite gold and silver’s downside. I am not sure if that is a positive or a negative, sentiment wise, but profit is profit and I have metal, so CEF can be thought of as just a trade, although I think it is reasonable metal proxy for an IRA.
People tell me they appreciate when I tell what I am seeing (whether right or wrong) and what I am doing (whether or not that is the right tack for anyone else). So this is what I am seeing; the green dotted line. If it breaks there is only hot air (probably from Bernanke’s mouth yesterday) down to the bottom of the gap.
HUI should hold that line or go abnormal to my personal tolerance.