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Chart of the Day is $HUI (Gold Bugs Index)


 -- Published: Friday, 27 May 2016 | Print  | Disqus 

By: Gary Savage

$HUI (Gold Bugs Index)
$HUI (Gold Bugs Index)

I said one doesnít need to chase the rally during the second leg, any gains would not be sustainable and would be given back.

At the low yesterday miners had already given back 62% of the second leg gains, and we are not done with the Intermediate Cycle Low yet. The final Intermediate Cycle Low isnít due until late June or early July. This is why it wasnít critical to chase the second leg, one was going to get a second shot at it anyway.

Unfortunately I suspect too many traders listened to the pie in the sky nonsense that passes as analysis and bought at the top and are now suffering a 10% draw down that they didnít need to weather, and itís going to get worse before the Intermediate Cycle Low is finished.

 - Gary Savage


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 -- Published: Friday, 27 May 2016 | E-Mail  | Print  | Source: GoldSeek.com

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