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HUI Gold Bugs index has hit the bottom/bounce target at the daily SMA 200
Note: This post was begun on December 1, up to and including the two HUI charts below. The post was completed on December 2, after the November payrolls provided a good instigation for a broad market pullback, which included a ding to the miners from this logical resistance point.
The HUI rally has hit the logical resistance target where the 200 day moving average meets clear lateral resistance. It has done so in a not particularly overbought fashion due to the chop and grind it took to get here off the lows of the shaded bottoming pattern that we established and tracked in NFTRH over the last several weeks.