HUI Gold Bugs index on the bull theme
As Huey pushes his cart of rocks uphill.
Back in December we not only projected 2022 to be a golden year for the yellow metal, but given the right macro circumstances, for the companies that dig it out of the ground as well. While the macro is still technically in transition, the signs are there.
Meanwhile, Huey has made a bottom vs. the broad SPX that we noted as a potential back in Q4 2021.
Nominal HUI looks great on the monthly chart as it remains in flag breakout mode. That flag came perfectly from our previous target of 375 (well okay, 373 and change) and you can see the next target just waiting. Monthly RSI and MACD are positive with RSI above its EMA 20 and MACD triggering up. Hey, anything can happen but this is a good technical look. The macro look will continue to get better as well when inflated cyclical markets finally take a conclusive hit.
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