Last Updated :
07 October 2011 at 16:05 IST
HUI index nears important support at 500
By Deepak Rangan
The NYSE Arca Gold Bugs Index or the HUI index has been hovering around the important level of 500 for the most of the year. As such, the 500 level has become a very critical support for the index.
The HUI index has a current value of 538.
The Relative Strength Index (RSI) is below 50 and bounced from the level of around 30. For 2011, the level of 30 has mostly acted as a support and prices have bounced to new highs.
Given the strong price support at 500 and RSI hovering around 30, one can wait for price action to confirm the strength of support at 500 or alternatively enter a trade at current value with a stop loss just below 500.
MCX Silver 05 September 2012
contract was trading at
Rs 56922 . What's your view on it?
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