Yet another Breakout attempt, the HUI managed to climb above short term diagonal trend line resistance. A retest of the broken trend lined and 200 DMA followed.
Support around recent cycle low 317.70 further support at previous cycle low 311.78.
Technical indicators: RSI slightly above 50, PPO had a bullish crossover and seems to be trending higher.
It is likely that if the HUI can trade above 344.07 it will aim to 369.69 and further.
The bigger picture: the HUI, Gold, Silver, Etc. - All consolidated for a long period of time so giving a chance to the small technical improvement might be a wise thing to do.
Some index components enjoy a relatively high level of short interest ratio.
ShortSqueeze.com data : Eldorado Gold (EGO), Randgold Resources(GOLD) ,Coeur dAlene Mines(CDE), Hecla Mining Company (HL) ,Golden Star Resources(GSS), IAMGOLD(IAG).
Check them out (fundamentals ,TA. Etc) – they might be a good play.