Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

Been away all day. Don't really like how it faded the remainder of the day after it hit its high. With that said, GDX chart is still really strong. As long as that EMA 4 & 8 remain rising and we keep closing above them...no reason to question things. "IF" GDX can get up to and above 23.67 (and then 200 MA just above)...this could be the "big one"!!! Just don't have time and not willing to trade this right now when I know the setup is there.

As for Gold, you are absolutely correct. LOTS to like about the Gold chart. Golden cross has occurred today. As I posted Friday, I like the weekly chart even better. Super strong! The one caveat is Gold is trading right at the tip of a pennant between multi year rising support and falling resistance. Could go a little sideways here, but a break either way will mean a huge move in that direction. Plus, I think we are finally trading reverse of normal. i.e.- sells off in AH's/Asia and by the time US opens it's oversold and we bounce. All JMO. GL!