Direxion Daily Gold Miners Be (DUST)

[mannken]

Yes I did

We had the Gold 1322 bounce on 8/7, back down to 1307 on 8/11 and now a bounce back to 1315 today.

I'm looking at a longer term 5 year chart and think it will retest 1200 support in time, as these bounces appear to be fades from a longer downtrend, and I expect this 1315 bounce will fade.

If gold moves back above 1300, then I will reconsider everything.

Its plausible that Nugt tests 52 and with a parabolic move, test 57 pivot in the next few days on momentum, but its topping on the Fast Sto overbought which may still have a couple of days left in it. IMO

The only concern I have with Nugt is the sustained move above the 50MA

I picked up some more Dust with 'limited risk' @ 14.07