Wednesday , 27 September 2023

Watch For Breakout Of HUI & XAU Indices Above Key Resistance Levels

Mining stocks are facing an opportunity they haven’t seen many times in the past 8-years!

[As illustrated in the chart below]
  • since the highs in 2011, both the Gold Bugs Index (HUI) and the Gold & Silver Miners (XAU) Index have created a series of lower highs and lower lows along each (1) line.
  • The counter-trend rally the past couple of months has each mining index facing long-term falling resistance at each (2).

(Click on image to enlarge)

…Breakout attempts have failed a few times over the past 8-years [but, should they succeed this time]…in breaking out at each (2), both should attract new buying pressure and quality rallies should follow.

What mining stocks do here is one of the most important price tests in years!

Editor’s note: The above summary* of the original article has been edited ([ ]), restructured and abridged (…) for a faster- and easier – read. Also note that this paragraph must be included in any article re-posting to avoid copyright infringement.

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*The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.