Gold and miners continue to act very well. Here are some charts I am following. Click on any chart for a sharper image.
$HUI Daily Chart
On a daily chart the $HUI has been a good buy in general when the slow stochastic (10,3 on Stockcharts) has turned up from these levels.
On a retrace basis the $HUI is also acting well.
$HUI Fibonacci Levels
The $HUI has turned up on a perfect bounce off the 38.2% retrace move from the top. Moreover, the move down off the top appears to be a corrective a-b-c move. Further correction is possible, but longer term the $HUI is acting well.
Gold Daily Chart
US$ Index Daily
Gold and the US dollar have been rallying together for some time. This is what one would expect to see in deflation after the leverage in gold has been washed out.
Mike “Mish” Shedlock
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