Much like HUI has hit target (305-307) so has gold, having arrived at near the channel top and 200 day moving average. It’s clear that this is a potential limit area, technically. If you are a trader and had originally set this as the goal, well, the trade is done.
Beyond that, I will not make predictions other than gold is vulnerable to pullback now (as is HUI). That is the technical story as originally laid out in March and is unchanged today. Will it change? Maybe. But it’s important to recall original objectives. A gold bull would have been happy to know that an increase of $160/oz. was in the offing in March. Now that is in the books as gold’s downtrend (which I believe to be a bullish handle to future upside w/ potential to $3000/oz.) is intact.
