gold stocks ready to ignite?, page-128

Just when it looks like we have bottomed and are heading up gold looks like it wants to have a decent correction, oh the pain will robinson...


And from collin twiggs.The Daily spot price respected the new resistance level at $1510. That and the break of the ascending trendline both warn of a correction to test the lower border of the weekly trend channel � above $1400. Declining 21-day Momentum strengthens the signal.


The Weekly chart of AMEX Gold Bugs Index ($HUI), reflecting unhedged gold stocks, is consolidating between 490 and 530 after a false break below support. Recovery above 530 would indicate another test of 600, while failure of support would warn of a primary down-trend � suggesting a similar fate for gold. Bearish divergence on Momentum (63-day) and penetration of the rising trendline both warn of a reversal.