GOLDBUGS AMEX Goldbugs Index (GOLD)

[KevinKT]

HUI has gone straight up last few days, continuing the rally from end of July. On the chart it seem to be overbought and susceptible to correction. Was the temporary dip on Tuesday enough?

The correction in July after the European scare driving them to gold seem to be over. Though they are no longer in the news, but Greek bond yield has actually climbing steadily up, almost reaching the few-day spike in May. So the Greek problem is now becoming long term.

However, the general market seem to be rebounding, the a big drop of TLT on Friday, indicating risk money is coming back. The August HUI run did not seem to be caused by fear, but seasonal.

Do you have a guess for September on HUI direction? Thank you.