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Has the HUI formed a double top?

The gold miners have rallied recently on the back of a revival in gold prices largely due to the lack of a rate hike in the US. The question we all face now is whether or not this is the real deal or just another head fake.

Taking a quick look at the chart of the Gold Bugs Index, the HUI, we can see that the miners have approached and tested the '100' support level and so far have failed to penetrate it.

A similar situation existed at the '150' level which took some time to crack.

We can also see the formation of possible double top which suggests that if the HUI does not push ahead immediately then it will resume its trek south and take another shot at the physiological level of '100'

The overall trend is down but a break out is imminent sooner or later, however, we need a tad more convincing before we risk putting our hard earned cash into the gold miners just yet.

Take care and go gently if do decide to venture into this sector of the market.

Do you beleive the chat surrounding this rally or it just white noise to you?

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