Using fresh, un-marked charts for simplicity…
It’s right on cue, pre-FOMC. HUI is testing the 50 day average as expected. I make no remarks about bullish or bearish or the would-be bullish Inverted H&S that may be forming, but I do note that Huey is doing what we’d asked of it. It is better for the gold stocks to be bowing before the great and powerful FOMC than flying in the face of it.
GDX shows a gap fill happening today, with no more gaps lower on the short-term view (there are gaps in HUI and the ETFs lower; ref. HUI 212).
GDXJ has not quite reached its gap and SMA 50 but is getting close.
Bottom Line
No gold stock cheerleading from NFTRH. Just management. Insofar as we’d want to be constructive on a bounce/rally resumption the preferred scenario is a drop into FOMC. That is on point at this time.
