HUI - Daily status

Submitted By Gary Tanashian

I would say that I was whipsawed by the recent gold miner events, except that no trading was done on the post-Fed upside nor the downside until yesterday when HUI reached the first support level, where I added to two positions. So, while it was mildly disappointing to see the rise to new highs reversed so strongly, it was not really unexpected, especially given the mini-panic into gold and the miners after the Fed's public capitulation to inflationary policy.

Fundamentals are fundamentals (they remain strong) and technicals are technicals. Shown here is HUI attempting to find support at the 290 level which was shown in NFTRH27 along with the converged moving averages as possible support zones. The next important support level is shown at slightly higher than the March low. The last time I did any significant gold stock trading was when buying at around HUI 260. I would look at that level as another opportunity. The lower panel indicators say it could get there. But that is not a done deal by any means, which is why I nibbled yesterday.

We don't control these markets. We just try to take and deal with what they give us. If I were not personally engaged fundamentally, I would be very cautious here. I am fundamentally engaged however. Each trader should make that evaluation first and foremost.

On the plus side, I note a lot of hammer-like candles on major gold stocks. Hammers right into support. That is not usually a bearish thing. Quite the contrary, usually. Here is KGC (I do not own) as an example.

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