NFTRH; Gold Miners Technical Status Update

With all the usual preambles about macro fundamentals (stock market still needs to top out vs. gold, but gold vs. commodities is a constructive start) here is an update on the short-term technical situation for HUI.

We noted that weekly HUI has lost the EMA 55 at around 200 and the daily chart has lost the neckline to a bearish pattern at 195.  That really hurt the technical picture, but here we find Huey getting oversold toward RSI 30, and an area that more often than not since September has preceded bounces.  With the industry gathering at PDAC next week a bounce seems doable.  The next support area is shown, with a nod to the gap lurking below it in the 170s.


As for bounce targets (if said bounce materializes), the first would be 195.  Then 200, which is around the SMA 200 (correction, SMA 50) and weekly EMA 55.  I won’t manage this much beyond that at this point because a) we don’t have a bounce yet and b) taking it further toward a more bullish view would require a look at the macro fundamentals at such time (for instance, a stock market correction could be helpful), considering Huey would be back above the 195 neckline.