Source Yahoo Finance
The Bulls answered the Call. Yesterday the Gold Miners stood on the edge of the abyss, with weakness across the board.
The HUI Closed up a whooping +6.91 points (+4.84%) with a Close at 149.73.
Source Yahoo Finance
GLD had a great run today closing up $1.48 (1.29%) with a close at 116.63. The stochastics still have yet to turn up and the MACD and Signal lines are literally hanging in the air (waiting to drop?)
Source Yahoo Finance
SLV, not to be left out of the party, closed up +$0.42 (+3.13%) at 13.83. The stochastics have turned to neutral. The MACD and Signal line are also at neutral with divergence around zero.
Yesterday I posted the following Bear target levels in the HUI.
I am tracking on the HIGH, LOW and CLOSE of the day. Any High, low or close within in 0.50 points, I consider a "hit" and a confirmation of the trend.
150.67
148.50
146.55
145.02
142.43
138.35
134.17
131.67
Today, the HUI came back from the edge of a disaster. However, the Bulls are not out of the woods yet. The HIGH came in at 150.53 just -0.13 points from the target level of 150.67. The HUI is still tracking these Bear target levels.
I am neutral the HUI, I am only doing day trading at this point. I will start to get bullish above the last high at 158.93 and I will be very Bearish below yesterday's low at 141.48.
GLD: somehow the MACD and Signal line coupled with the divergence needs to get worked out prior to there being a sustained rally.
SLV: still has yet to break out, needs to be above 14.00 to confirm, although of the internal indicators for SLV look the best of the metal markets for a rally.
These are just my musings and not financial advice.
Best of Luck!