Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

What started out as a disappointing day...turned into a hugely bullish day IMO. After the initial drop, GDX/NUGT slowly worked themselves back up near yesterday's close. That shows nice strength and consolidation in my view. Only not so great thing is that it was on pretty low volume (some might consider that bullish though since that also means selloff this morning was low volume).

Gold did hold 200 SMA, even if barely. Considering tomorrow there is no major news...will see if Gold can base and go up from here again.

IMO, the USD strength has to be running on fumes. UUP will be trading well above it EMA 8 for the 14th consecutive day tomorrow. In other words, it's gone almost twice as long as the EMA time period without even touching it. If the average is over 8 days and it's been 14 days since it's touched it...that leads me to believe some sort of breather for USD is due (although, Gold/USD haven't exactly been trading opposite of late, so could be irrelevant).

Liking the candle formation on the weekly in GDX too. A long white candle after a doji and close back above 40 MA (assuming GDX closes above 24.08 tomorrow).