Eoin Treacy's view The NYSE Arca Gold Bugs Index of unhedged producers failed to sustain the breakout to new highs in early September and dropped to test the lower side of the yearlong range. It bounced impressively yesterday from where it needed to in order to avoid even further trend deterioration. A sustained move below 500 would complete a medium-term Type-3 top but the upside can probable be given the benefit of the doubt, at least in the short-term, provided it continues to hold above this week's lows.

New Gold, Randgold Resources, Yamana Gold, Eldorado Gold, IAMGold and Newmont Mining have all pulled back sharply. They found at least short-term support in the region of their respective 200-day MAs this week. Potential for a bounce from current levels has increased and sustained moves below this week's lows would be required to question that view.