Friday, September 12, 2014
Will we have to hit the long term bottom on the chart before we turn? If so, we still have some ways to go.
Attached the daily charts of the ETF of the S&P/TSX Global Gold Index in Toronto (XGD) and the Gold Bugs Index (HUI) where you can see yesterday's intraday turnaround.
Also attached the long-term Point & Figure chart of the XGD. As can be seen the chart has been forming a bottom formation since 2013 between 9.50 and 13.00. The XGD long-term chart (4), going back on this chart till 2005, shows a very strong bottom at 9.50.