A quick FYI update noting HUI has hit bounce target #1 per the Oct. 6th update on gold, silver and HUI. That was the SMA 50 and noted resistance, which it went above and has recoiled back below today. Here’s the updated chart. Pure traders might want to take note.
My personal guess (with no real conviction behind it) is that it has cleanly failed right at the SMA 50 twice before and it seems too obvious to make it a clean third. Considering how oversold the BPGDM was and how bearish sentiment had become I am guessing it can rally further. If not, or if the rally continues but remains just a ‘bounce only’ thing, the next targets are noted at 212 and 185.
