Here is a 5 year chart of the HUI
Since we have really weird US financial markets, no telling where the HUI is going. The HUI may be making a long 2 year double bottom correction. 2 years, that is by the time it makes it back up to its old high. It is still above its most basic oldest uptrend line established by the low of late 2000 and the low of late 2001.
Can the HUI go below its 2004 low where it is almost at right now? I don't know. That is pretty good support. Plenty of gold and silver stocks were generating end of trend signals as of last Friday. If it is making a double bottom, the right bottom may go a little lower for a last really good final shake out of the weak longs. It can do this and still stay above its most basic uptrend line. The psychology amongst stock investors is absolutely awful right now, so maybe the stocks can be pushed a little bit lower.
Gold is right around its 2 year or so uptrend line. Tense times.