Monday, April 23, 2007

Few notes on XAU & HUI

Currently Gold and Silver stocks indices seem to consolidate the March – April gains. Overall the picture is positive as higher high was printed for XAU & HUI.

xau chart

hui chart

XAU continue to lead in terms of options volume and open positions.

HUI leads in terms of price (less hedged). RSI is higher.

hui xau ratio

Volume is important and the XAU will dictate the Elliott wave count. XAU tends to print lower lows (wave c vs. wave a) while HUI is confused with truncated correction waves.

xau chart

hui chart

XAU / Gold & HUI / Gold Ratios – still underperforming, triangle formation – no breakout yet.

hui gold ratio

xau gold ratio

Patience is indeed required as S.M Himes posted.

It is possible that indices and gold both forming an Egg pattern. I will post more about the Egg pattern on the Gold Global Perspective section.

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