We have been talking about the EMA 20 on the gold stock ETFs and HUI as the first level of support. Here is the view of HUI holding that area (orange dotted line) so far.
But I want to give the EMA 20 extra importance due to its confluence with the weekly chart’s key support at 211. That had been key resistance and now it is key support in order to keep the next level (251) in play. A loss of support at the daily EMA 20 (209) would signal the potential for more significant correction potential, which we would illustrate if it comes into play.
As you know I don’t tell people what to do. But I sure as heck can give the parameters to aid in decision making. As of now, HUI remains above key parameters.