Replies to post #10739 on Direxion Daily Gold Miners Bull 2X (NUGT)

[Lonewolf1]

I think shorts started to cover about 30 minutes ago.

If gold moves higher during the night into tomorrow morning you could see the mother of all squeezes - to paraphrase the infamous Sadam H. (speaking of Iraq).

[sumotrader]

Traders must be salivating at the prospect of a triple bottom around 1180 for Gold, I'd be inclined to short DUST or load NUGT if Gold approaches the 1195 range, possibly even utilize margin if the chart sets up perfectly. Looking at the weekly chart a triple top formation around 1790 resulted in a massive drop in Gold prices.

Let's hope we get an equally impressive but opposite move North if Gold does breach below 1200.

good luck to all,

Sumo