The US NYSE traded Gold BUGS Index is often referred to by traders when they assess the strength of the Gold Sector, and at this stage, the picture is clear with the index falling towards fresh 12-month lows, significantly underperforming the gold price. Significant technical support is ~13% lower, and at this stage, we see no reason to catch this particular falling knife and increase our local or international gold exposure.
- We can see another 5-10% downside in the HUI index.
MM is neutral towards the HUI Index
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