Quick Check on the Gold Bugs Index; Daily & Weekly Charts

I was mildly annoyed watching the gold stocks get gamed today as the oh so dreaded FOMC minutes loomed. But I realized that nothing had changed and just went on to other things. Indeed, I even added back a miner I had sold at the last sector high (HUI 220). While I save 29 individual miner charts for the weekend report we can take a look at the sector’s status, and that status is… unchanged.

The progression went like this; when Huey crept above resistance (now the green support area) the yellow shaded pattern loaded a target of 220, which we noted right then and there. It then hit 220 on the nose, got overbought and dropped amid the Rocket Boy hysterics and general gold bug over enthusiasm. We had already plotted 195-200 as the key support area. Doink.

Today they shoved it down to test the SMA 200 again; but in seeing no short-term trend breakdown I left subscribers alone, as nothing has changed with our ongoing analysis. In my opinion, gold ‘analysts’ tend to over manage for enthralled followers because said followers, by virtue of the metal’s righteous monetary standing, tend to be pretty emotional. Emotion needs to be resisted in this sector, especially.

hui

The weekly chart view rests above both the Symmetrical Triangle’s nose and the key EMA 55 (AKA bear market ball & chain and potential bull market liberator).

hui

We took a look at the monthly at the end of a post a couple days ago. It’s still ship shape.

Probably the final reminder that NFTRH’s price is going to increase moderately. Buy now, keep the current rate for the life of the subscription. Have a good night folks.

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