Replies to post #2431 on Direxion Daily Junior Gold Miners Index Bull 2X Sh (JNUG)

[CowBoE]

For now, dollar is up, but so is oil, and oil is driving up the gold.

So we need to watch both dollar and oil for gold price movement.

OPEC initially refused to cut production to raise the oil price
in effort to kill off the US shale gas/oil production,
but last night they said they are open to cutting production
if other countries also agree to do it.

So that's driving up the oil...but other countries have been
reluctant to cut oil production because their economy is suffering
and need that extra revenue.

It will be interesting to see how this develops.

So if you are trapped in long gold ETFs and want gold to rise,
then root for dollar to fall and oil to rise.