Strong HUI, flat Gold

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Chart courtesy of http://stockcharts.com

The AMEX’s Gold BUGS Index (HUI), made up of the most important gold mining stocks that do not hedge their production, is trying do break a significant level. In fact, though Gold was flat today, HUI has managed to test for the third time 353.50 and if that resistance is broken more substantial gains will follow. Note that RSI is reversing its recent downtrend.