As the inevitable unwind of the (US-Iran) fear bid proceeds…
First, nominal HUI would ideally hold here at the daily EMA 20. But better support is from 220 to 225, which is the SMA 50 up to lateral support (I’ve not drawn anything on these charts). Below 220 would make things less comfortable than a nice, neat hold of the SMA 50.
HUI/Gold (GLD) ratio needs to hold here or it will violate the December low, as per the previous update. It’s fine at or above and an indication of a more pronounced correction if it takes that out (it could drop to the SMA 200 and still retain the uptrend).
SIL/Silver (SLV) is very similar.
These are the current snapshots. Gold was boosted on improper underpinnings to the degree it was boosted by the US-Iran conflict. The miners have been diverging negatively lately and thus far it has been a routine situation.
If the ratios above hold up then fine, nominal HUI is still in good technical shape. But if they break lower – and considering that gold got extended – there could be a larger pullback than the nominal chart is showing right now.