Observations on the market action and the implications of the gold and silver markets.
Tuesday, January 22, 2008
Dollar and HUI Outside Reversal
Today the US dollar made an outside reversal day to the downside which is bullish for gold and silver:
(Click charts for larger views)
At the same time, the HUI (AMEX's Gold Bugs Index of gold and silver stocks) made an outside reversal day to the upside which is bullish for gold and silver.
Plus, the HUI stayed above its short term uptrend line that started back in the middle of August. These outside reversal days in the US dollar and HUI combined with Friday's outside reversal for silver are definately bullish for gold and silver.
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