Palisade Metals Market Update: There’s no Such Thing as a Triple Bottom in Technical Terms
This week, Jordan starts out looking at the $HUI Gold Bugs Index, which looks at the large unhedged gold miner. It rebounded from support at 190, and has resistance at 203 and 211, because the $HUI was extremely oversold it’s likely that this ‘rebound attempt’ could continue. If this rebound doesn’t go much higher, it doesn’t mean that it can’t last for a couple of more weeks. Looking at the charts of gold and silver, silver could continue to rally to it’s former support just below $19. Gold broke to a new low, below $1200, but it has bounced with the rest of the sector. Some commons say that gold is in a triple bottom, but in technical terms, there’s no such thing as a triple bottom. You can have a head & shoulders bottom, but we really don’t see that here. For gold there is resistance at $1270, but we could see gold rally higher than that before we see more selling come in to the market.