Replies to post #42124 on Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

I only held the DUST position for 2 reasons...

1) I want to see if the move in Gold today was solely based on the drubbing in USD

2) Today's action did not cause a positive EMA 4/8 cross on GDX daily

I'm still a believer that Gold will ultimately make a big move higher at some point...just not sure if this is the start of it. If it's only tied to the huge USD move...any strength there will unravel Gold move as we typically see.

We've seen this kind of big action in GDX before where it doesn't cause the positive cross mentioned...and then gets punished the following day(s).

Either way, watching very closely and will cut bait if wrong.

PS- with NFP report tomorrow morning, that trumps any technical movements/readings...so flying blind IMO.