HUI Chart & Commentary

Comments: Sorry for not updating in a few days. If you've been checking in here, I really appreciate it. I've had some computer problems (comp restarting by itself). It was probably hacked by the Gold cartel. Anyway, to make a long story short, we're kind of in trouble here in Gold at the moment. After a breakdown on fairly heavy volume below the neckline of a Head & Shoulders top in Gold, we are now consolidating right below the neckline. The same H&S patterns are in effect in the HUI, XAU and GDX. The price target is about $575 and it would take a move above $615 to $620 to nullify it.

With Copper and Oil now in medium term bear markets (we'll see about Oil soon), I would be surprised if gold manages to bottom here above $600. I think we may need to see a retest of the Gold bull, which would mean $570 to $580. That's just my thought.