what’s op worth now + with exploration upside?, page-24

Re gold sector;

Small bounce in the gold price last night off its low but a very positive engulphing candle on the HUI.
Not enough on its own with this sort of momentum down to call a bottom but definitely a positive signal.
Maybe that was an exhaustion gap on the HUI the previous day.
Also the RSI on the HUI has been in oversold territory for the longest period in at least three years.
Some positive signals but of course trying to pick bottoms is no easy game.
These may end up being only signals of a short term relief rally in a continuing downtrend.
You need more to call a definite end to this correction.
However that sort of a large intraday rally off an initial gap down is often a clue to market reversals (gold sector in this case).
That looks like a 5% intraday rally off the open which started as a 2-3% gap down.
With what the HUI did last night and NCM up 3.4% and PRU up between 7-9% so far this morning, I see obvious signs of a potential bottom here for the gold sector for those of us that like to try and pick bottoms.
The next few days should give more clues for those that prefer less risk.