Direxion Daily Gold Miners Bull 2X (NUGT)

[MD-420]

Gold is also climbing. I'm not sure why gold dropped, but I believe dollar has dropped because I think the fed is becoming more dovish, once again. Imo...they are doing there best not to telegraph it, but from the interviews I watched late last week, that was my take away. They may have moved in March because the market was begging for it and may have been their only chance for a while to squeeze one in. Perhaps I'm completely off base with that thinking.

Why is gold lower? I noticed Friday gold weakened with the dollar, so perhaps, for whatever reason, they are correlated for the short term. Best case is, gold is consolidating and will stay above the long term down trend line, but I forget what that number is. I realize it could pull back further than 1260s, but I think it's also possible it is bottoming at 1260. If this is the case, it will be interesting if it dios back to 1260 during is trading, provided it continues upward overnight from 1260.

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