The HUI has broken out of the ascending triangle and I expected it to fall further.
But it stopped and turned - perhaps the index of the goldmines will return to the triangle.
The time cycles show that around this point(+- some bars) one can expect a change in trend, as it has been in the past.
The fibb retracement is now resistance and has to be broken if HUI shall rise higher.
MACD neutral - turning to positive. MACD is above the long trend.
RSI has already turned to positive and is continuing.
If HUI can cross the resistance then it is possible that it`ll go up till 221 Points.
Past ascents lasted between 26 to 36 bars and nearly 20% gain.
This brings me to the mentioned conclusion.
I see more chances for a rise than risks for a drop.
Gold and Silver are neutral to positive. Dollar has strengthend. The fundamental facts of the explorers, royalty firms and miners are good.
But it stopped and turned - perhaps the index of the goldmines will return to the triangle.
The time cycles show that around this point(+- some bars) one can expect a change in trend, as it has been in the past.
The fibb retracement is now resistance and has to be broken if HUI shall rise higher.
MACD neutral - turning to positive. MACD is above the long trend.
RSI has already turned to positive and is continuing.
If HUI can cross the resistance then it is possible that it`ll go up till 221 Points.
Past ascents lasted between 26 to 36 bars and nearly 20% gain.
This brings me to the mentioned conclusion.
I see more chances for a rise than risks for a drop.
Gold and Silver are neutral to positive. Dollar has strengthend. The fundamental facts of the explorers, royalty firms and miners are good.