Sharp,
I don't read SDII, so I don't know what is being said over there, but I did look at the HUI chart as I have had my eye on gold.
The 153-154 range was a strong resistance level. With the high POG and the threat of war, the HUI couldn't break out to a new high on two tries. This is why I decided to hold off on buying gold here.
The HUI is showing surprising weakness in the face of uncertainty, uncertainty that normally benefits gold.
You've got decent support at HUI 137-138. Depending on how the HUI reacts at that level, it may be the point that confirms buying or selling. I might add the 50 day moving average is at 139. With all this support, a breach to the downside is a strong sell signal, in my opinion. If it holds, it could be a very good entry point, or a point to add to existing positions.
stockcharts.com[h,a]daclyiay[pb50!b200!b10!i!f][vc60][iut!Lh14,3!La5,17,9!Lg10]&pref=G
Just passing it along as a FWIW.
I'm mostly in cash and loving it. As the Price is Right game show host is so fond of saying, "Come on down."
dabum |
