Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

Enough of that nonsense...back to the actual task at hand.

GC tried to take off in that last hourly period, but was quickly/swiftly pushed back. 1235 is the line it needs to get over for another leg up (also needs to hold 1220 to avoid further downside IMO). Silver trying to do something, but will it hold?

GDX/NUGT set for another gap-up. It's Friday shenanigan day...so I'm sure action will be all over the place, as usual.

My target on this leg up is the next gap (black dotted line above price). "If" it can get there...that's where I will strongly consider selling and switch back to swing trading both NUGT/DUST.

Unless this move turns full blown parabolic, I believe GDX/NUGT will face some pressures in November/early December due to tax loss season (especially with how hard price has gotten hit). But by mid-December, it should be load the boat time IMO. Make no mistake, there are multiple indicators flashing that a mega-move is on tap in the PM/Miner space. Situation is fluid. GL!