And here's what the weekly charts are telling me today:
- The Indicators all remain very bullish. RSI and MACD continue to be positively sloped and above the center line;
- The miners are all consolidating in a very tight range above key moving averages. Most of these bullish consolidation patterns are absolutely textbook in nature ;
- Volume has been steadily declining with each weekly close indicating that the sellers have been exhausted;
- Lastly, we appear to be in the final stages of 15-month bottoming pattern for gold and silver-related investments as prices across the board are bumping up against long-term resistance. If these mining stocks break out to the upside, and all of these charts lead me to believe that will happen (and soon), then expect gold and silver to follow.
Check out the recurring patterns in each of these charts...
HUI (Gold Bugs Index). By the way, that's 9 consecutive weekly closes in a 5% range