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Why the Gold Bugs Index Looks So Promising

By: Rick Ackerman, Rick's Picks

 -- Published: Wednesday, 24 February 2016 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2016/02/Gold-bugs-index.jpg

Itís been a while since we looked in on the Gold Bugs Index, but as we might have expected, it has kept pace nicely with the rally in physical gold prices. The bullish pattern shown projects to as high as 175.68 over the near term (see inset). Thatís a Hidden Pivot resistance, and its attainment would become an odds-on bet if and when HUI exceeds the secondary pivot at 166.41 by at least 1.50 (or so) points. The weekly chart is especially bullish, since the strong move off Januaryís 99.19 bottom is still uncorrected. The rally has already exceeded two Ďexternalí peaks on the weekly chart, but if it were to get past yet another at 187.17 recorded in May, that would lend weight to the possibility that we are seeing the nascent stage of a major bull market. If you would like to learn more about the Hidden Pivot Trading Method, click here.  Many who frequent the Rickís Picks chat room have mastered it.  Meet and converse with them by taking a free trial subscription here.


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 -- Published: Wednesday, 24 February 2016 | E-Mail  | Print  | Source: GoldSeek.com

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