HUI - February 21, 2018 - Gold Mining Stocks Down in a BUY BUY BUY!!! oops SELL SELL SELL!!!!

Source Yahoo Finance

The HUI ended down -0.33 points (-0.19%) with a CLOSE at 178.65. On the daily chart, the fast stochastic is descending with a negative crossover. The slow stochastic is descending with a negative crossover. MACD is descending but maintains positive crossover of a rising Signal line. Divergence is down but remains over the zero mark.

Source Yahoo Finance

GLD ended lower -$0.58 (-0.46%) with a CLOSE at 125.66. On the daily chart, the fast stochastic is falling with a negative crossover. The slow stochastic is falling with a negative crossover. MACD is descending and posted a negative crossover of a flat Signal line. Divergence is down and under the zero mark.

Source Yahoo Finance

SLV remained unchanged $0.00 (0.00%) with a CLOSE at 15.54. On the daily chart, the fast stochastic is falling with a negative crossover. The slow stochastic is descending with a negative crossover. MACD is falling but maintains a positive crossover of a flat Signal line. Divergence is down and over the zero mark.

There were no "hits" of the daily target numbers.

The HUI opened with a gap higher and built up power through out the session. When the FOMC minutes were issued it was all BUY BUY BUY, driving the HUI up to a HIGH of 184.19. After a half an hour of great rejoicing the Bears came in and everything was SELL SELL SELL, and the Bears crashed the HUI down to the LOW of 178.57. The CLOSE came in just above the LOW at 178.65.

The HUI posted an outside bar to the downside. Outside bars must be respected and can lead to further downside. For tomorrow look for the Bears to take out today's LOW and drive the the HUI well below that 174.54 mark. For the Bulls, the goal for tomorrow is the same as today, maintain contact with 182.30 in some way and close above 174.54.

I remain long in the HUI. I still anticipate a meaningful high in the HUI between now and March 1st.

GLD, on Friday I mentioned that "GLD below 126.00 then expect very nasty turbulence but GLD above 128.70 then the "goldbugs" are dancing in the streets." Yesterday I posted "(d)espite the carnage GLD remains above 126.00, the low came in at 126.04, so nothing is decided, yet, but the chart is looking ugly." That chart just got uglier, below 125.00 there can be a washout.

SLV, there is a gap at 15.40 that still could be filled before any other upward movement.

These are just my thoughts and observations, not advice etc.

Please share your thoughts, comments, upvote, follow.

As for Thursday, good luck and happy hunting.