HUI-XAU-GDX all appear to be continuing what so far appear high level consolidations/corrections, HUI "might" try to fill gap near 236 but would not at all surprise me if we do not go that low
Senor
HUI came right down to that 236 area, also gold looks like it thrust in "c" down to 1209 out of a near term wave "b" contracting triangle, if these reads are correct then gold/miners should soon turn higher
Senor
boom! so nice when it works
Senor
yup, its what keeps us going. i bought lightly on the close. the market was overbought. we will see if yesterday was enough of a pullback. we did come into strong support. for me , i have my eyes glued to the east. its obvious that the fundamentals that drew me to gold have only gotten more pronounced. now its a question of where is the big demand going to come from. india and china. right now chidambaram has the indian demand tied . smuggling has been increasing there. w/kuroda and ABE @the helm of japan they are bent on producing a little inflation. the japanese , not known for their gold buying, are enamored w/fiat.
the indian elections are the end of april. modi is pro gold and is the front runner.
we are in a base building phase, those who are looking @gold and pointing to pluto are lost. grab their pom poms and tell them to have a cup of joe. the undervalued miners have caught a bid and yet today iag, svlc , and rby are behind the woodshed. the demand for the miners gold is going to come from the far east in a big way.
world wide its a wealth grab, w/the 1% getting everything. its an age old story.
the market is still heavy w/bears. it will be like that until there are new highs
i am watching 1434 above that is the game changer
dharma
