[edit] From about noon ET I will be away from my office for the rest of the day, so don’t interpret lack of trading or updating activity as the product of anything but that.
HUI has just about ticked the top of the 295-300 pullback target and thus far sports a Hammer (reversal) candle. It is Fed week and so up/down volatility is probably in play. But as it stands now we finally have the target essentially in the books. Now the breakout that is being tested needs to hold.
As a side note, don’t count me among the dogmatic gold bugs until I get a bigger picture read on interest rates and in particular, real interest rates (as adjusted by inflation). In fact, never count me as a dogmatic gold bug but instead, an open minded one.
As a chart guy though, gold and HUI are still in handle breakout mode (with the channel on this daily chart being HUI’s handle on the big picture).
