"As a technician, I feel that there are few analysts that offer value for me, but you do. Your work on Gold ratios has helped my analysis greatly." --Jordan Roy-Byrne, CMT (The Daily Gold) 4.9.10

Tuesday, March 10, 2009

HUI current status

The HUI needs to make a higher high from the January low or the downside potential shifts to the 220 area.

The weekly chart gives a pretty clear view of what looks to be pretty strong lateral support. Of course, this support looked strong in October too. But that was an environment when everything was being blown out, even the gold miners, whose fundamentals were in the nascent stages of improving.