The precious metals rally appears to have reached an important juncture.
Yesterday I wrote about Silver and a potential inflection point. Today, we turn to the gold miners and the all-important Gold Bugs Index (HUI).
Above is a “monthly” chart of HUI. Here we can see that the Gold Bugs Index has reached an important confluence of resistance.
The rally has brought the Gold Bugs back to falling trend line resistance, lateral resistance, as well as the underside of the original rally trend line.
In short, this is a BIG area of resistance that will either bring a pause/pullback to the rally, or see a major breakout.
Should the Gold Bugs Index break out here…..VERY BULLISH!!!
This article was first written for See It Markets.com. To see the original post, CLICK HERE.
