Replies to post #41909 on Direxion Daily Gold Miners Bull 2X (NUGT)

[Rastignac]

Gold really needs to get going right out of the gate next week. The fact that stochs are embedded bullishly, RSI over 60 and price has essentially traded sideways the entire time is not a good look IMO.

I actually like the fact that gold cooled-off this week. Today it closed slightly over 100 DMA but that's not a strong signal. IF we can get spot above $1230 "out of the gate next week" then all should be fine IMO.
Also, as you said, not many people consider the latest drop to be a bear trap. Here's the chart with the LT trend lines that I consider important:

I have not updated them for almost a year. It seems from it that gold is trying to get back to its uptrend.

BTW: I like that we can quarrel here and get our emotions out but still continue to argue like adult people.