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Here’s an updated chart of the present “descending triangle” technical breakout rally in the HUI Gold Bugs Stock Index:

HUI Gold Bugs Stock Index February 11th 2009 Chart Breakout

The HUI index now needs to take out the prior high of 318 to confirm the rally. If it does,  there is no significant technical resistance until the HUi 370-380 range.

And fundamentally, the HUI could run all the way to 400+, even HUI 450, on merely filling the “valuation gap” to the price of gold.

HUI Gold Stock Index