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Friday, March 06, 2009 9:55 AM


Gold, $HUI Looking Good


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Gold and miners continue to act very well. Here are some charts I am following. Click on any chart for a sharper image.

$HUI Daily Chart



On a daily chart the $HUI has been a good buy in general when the slow stochastic (10,3 on Stockcharts) has turned up from these levels.

On a retrace basis the $HUI is also acting well.

$HUI Fibonacci Levels



The $HUI has turned up on a perfect bounce off the 38.2% retrace move from the top. Moreover, the move down off the top appears to be a corrective a-b-c move. Further correction is possible, but longer term the $HUI is acting well.

Gold Daily Chart



US$ Index Daily



Gold and the US dollar have been rallying together for some time. This is what one would expect to see in deflation after the leverage in gold has been washed out.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Gold, $HUI Looking Good

Posted by Michael Shedlock at 9:55 AM

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