HUI October 20, 2017 - Gold Mining Stocks in "THE FALL"

The HUI ended lower -1.53 points (-0.77%) with a CLOSE at 197.52. On the daily chart, the fast stochastic is falling with a negative crossover, the K line is fully in oversold territory. The slow stochastic is descending with a negative crossover. MACD maintains a negative crossover of a now descending Signal line. Divergence is descending and is under the zero mark.

GLD ended lower -$0.79 (-0.65%) with a CLOSE at 121.60. On the daily chart, the fast stochastic is descending with a negative crossover, the K line is fully in oversold territory. The slow stochastic is flat but maintains a negative crossover. MACD is descending but has yet to post a negative crossover of a flat Signal line. Divergence is descending but remains above the zero mark.

SLV ended lower -$0.19 (-1.17%) with a CLOSE at 16.08. On the daily chart, the fast stochastic maintained a slight positive crossover and is relatively flat. The slow stochastic is flat. MACD is descending but has yet to post a negative crossover of a rising to flat Signal line. Divergence is descending but remains above the zero mark.

The main purpose of this blog is to demonstrate that the HUI trades in an orderly fashion both in "price" and "time". I publish daily target numbers well in advance to demonstrate the orderly fashion in which the HUI moves. If the HIGH, LOW or CLOSE is within 0.50 points of a daily target number it is a "hit". Below are the daily Bear target numbers for "The Fall", first published over a month ago:

207.50
204.16
201.16
198.81
194.82
188.53
182.11
178.25

Once again a Bear target level came into play today. The HIGH for the day was 198.86 (+0.05 points) for the target number of 198.81. The LOW came in at 196.94 a level not seen since October 3rd. Not much to say except "THE FALL", remains intact and all surprises are to the downside.

I again opened a small short position, really getting whipsawed at this 198.81 level. Although this should not be too surprising as this level is the 50% retracement level for the move that began on July 10th and ended on September 7th.

For Monday, look for the Bears to press the advantage, take out today's low and drive the HUI down to 194.82. For the Bulls maintain contact with 198.81.

GLD caved today. There is a gap at 121.21 that formed on October 6th that is now in sight to be filled. On COMEX gold the 1260's are once again in play unless there is a sudden reversal of fortunes. Watch MACD line for a negative crossover of the Signal line. If this happens more downside to come. SLV is a toss up, it got pounded today but the internal indicators did not break.

These are just my thoughts and observations not advice etc. Please share your thoughts, upvote, follow steem on.

Enjoy the weekend!!!!

As for Monday, good luck and happy hunting.