HUI (AMEX Gold Bug Index) – Update

The HUI bottomed at 270.54 after a typical ABC correction then rallied to the 61.8% FIB, currently still above the 50 daily moving average, RSI trending up above 50, PPO bullish crossover, PPO histogram positive, ADX bullish crossover.
Given the quick recovery and some resistance at the 61.8% FIB we might see a bit of a consolidation at current level with good support at green uptrend line, 50 DMA, 200 DMA and the 38.2% FIB line. The HUI will be affected from both the price of gold and the general stock market. Use any weakness to accumulate your favorites gold and silver stocks.