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The precious metals rally appears to have reached an important juncture.Yesterday I wrote about Silver and a . Today, we turn to the gold miners and the all-important Gold Bugs Index (HUI).Above is a “monthly” chart of HUI. Here we can see that the Gold Bugs Index has reached an important confluence of resistance.The rally has brought the Gold Bugs back to falling trend line resistance, lateral resistance, as well as the underside of the original rally trend line.In short, this is a BIG area of resistance that will either bring a pause/pullback to the rally, or see a major breakout.Should the Gold Bugs Index break out here…..VERY BULLISH!!!(Click on image to enlarge)
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Gold Bugs Index Testing Long-Term Breakout Level
