Tuesday, March 10, 2015

Will Gold miners form a triangle?

Gold Miners (HUI)
HUI is since 2012 in a clear downtrend.Recently has bounced once at a very significant support zone at 150-160(green area).

Currently HUI is confined between two descending resistance trendlines (black stronger, blue weaker) and the support zone at 150-160.

We believe that HUI will probably bounce at 150-160 and then move towards the weaker resistance trendline(blue)
A possible scenario could be the following: