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It should be noted that right now gold is hitting new highs in the access market, and part of yesterday’s strength is definitely related to the action in the HUI and XAU gold mining indexes....
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Both of the gold mining indexes opened up at the lows and literally traded straight up in a matter of minutes. So what we are seeing is continued strength in the HUI and XAU indexes. Both indexes closed essentially at the highs of the day.
Once again, below is the chart that acclaimed trader Dan Norcini sent exclusively for KWN readers, which shows a ‘Bullish Flag’ in the HUI mining index.
Note that the breakout point is above the 520 level on the HUI. When KWN spoke with Norcini today about this developing situation, he stated, “If the HUI gets a strong close above 520, we will definitely see some fireworks to the upside.” The HUI closed today above the 502 level, so it is within striking distance of that critical breakout point. Norcini also reiterated that the shares are continuing to lead the gold and silver markets right now.
KWN spoke with Norcini about the importance of this key chart as well as other crucial factors impacting gold and silver in the KWN Weekly Metals Wrap which is available now. For those that haven’t listened to the interview, you can access it by CLICKING HERE.
© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
The interviews with Dr. Stephen Leeb, Rick Rule, James Turk, Egon von Greyerz, Jean-Marie Eveillard, Bill Fleckenstein and Art Cashin (UBS $612 billion) are available now. Also, be sure to listen to other recent KWN interviews which included, Jeffrey Saut (R.J. $360 billion), John Embry and Gerald Celente by CLICKING HERE.
Eric King
This Key Chart Continues To Worry The Gold & Silver Bears
On the heels of today’s action in gold and silver, KWN is continuing to track the incredibly important chart that is deeply troubling to the gold and silver bears. Acclaimed trader Dan Norcini had provided this chart exclusively to King World News along with some comments. Today KWN spoke with Norcini to get an update.
© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
October 23, 2012
