Gold Seeker Special Update – HUI

After a quick sell-off over the last few days, it is important to review the technical damage made, if any. As of the open today, the HUI is finding support at a major uptrend support line, around 207. After a massive run in the HUI over the last year, the INDEX has finally made a consolidation taking it back to the 200 DMA of 209.90.

Gold, silver, HUI have all made important retracements to support levels. It is important that we hold these supports today and make a reversal higher. Many shares have seen huge declines in the matter of 20%+ so far this week alone. Yet, gold and silver still look as lucrative as ever. These moves are only short-term technical moves shaking out the weak hands. In long-term, secular bull markets in which gold and silver are in, one must buy the weakness and sell into the strength. That has proven to be the most successful trading technique over the past years and simply put, another one is presenting itself again. 

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