I just logged-on to see what's-up

The HUI Gold mining index was down today along with spot gold.

I mentioned last week (Thrusaday) in my post, that the short sellers will launch their attack on Thrusdays & Fridays, true to form, the shorts launched their attack today. I was planing on waiting till tomorrow to post an update of the weekly chart but maybe I will go ahead and do it tonight, if I find time. Keep in mind that the shorts will probale launch another desperate attack tomorrow (Friday) if there is no company news and gold price is down.

What you will see on the weekly chart is the fact that the price has been forming a base, just a hair above the 20 day moving avg. line and the short sellers hope to destroy this new support level. A one day attack by the shorts has not changed the upward trend. The bullish pendant flag is still in place.

It appears that the MACD technical indicator, on the daily chart, is about to turn bullish within the next week or so.

Remember: The Weekly Chart is made-up of Daily Charts and the shorts will try their best to control both of them by driving the price down to make their buck and hope to scare real investors away in the process of painting the charts negative.

I'll try to post both the weekly chart and daily chart later this evening.