With gold and silver getting roughed up today I was looking at my FNV position earlier and wondering why it was so strong while most gold stocks were also in the red. Then HUI firmed a bit and I decided to check its status vs. gold (GLD used here). Apparently FNV was trying to lead something.
It’s just an in-day move back above the SMA 50 in the HUI/Gold ratio and may indeed be nothing to get worked up over. But as of now it has a nice look to it and we can realize that an end of the correction will have to start somewhere. This is a hint at this time. Nothing more. But I don’t want to be caught being too negative if a hint starts to turn into something more.
Nominal HUI thus far holds the short-term support area at 260 and while still in a downtrend and thus targeting lower levels, the bounce from another valid bottoming area (245-260 zone) is still on.
