On March 29th we noted a hint in the HUI/Gold (GLD) ratio.
Today, it has progressed to a positive looking indicator. In fact the pattern looks a lot like the short-term bullish ones we’ve noted on stocks like WPM, KGC, NEM and others.
The HGR is above the SMA 50 and if this inverted H&S looking thing breaks upward it would take out the SMA 200. As with the nominal technicals in this morning’s update, this is at least doing what it would need to do to end the correction. Indeed, it looks better than gold, silver and nominal HUI. Since it is considered a leading indicator, that is a positive.