Is a Counter-Trend Move Brewing in the USD and Commodities?

NUGT-- stuck between a rock and a hard place... between its lower channel boundary line at 10.60 or so, and its July-Sep. nearest term resistance line, now in the vicinity of 13.40, against glaring positive momentum divergences.

Technically, both my near term pattern and momentum work are biased for a climb that challenges the resistance line at 13.40... as the USD (DXY) weakens (see chart), which reduces the headwinds for Gold (miners) denominated in dollars...

9 13 18 NUGT 215 GIF
9 13 18 DXY Day GIF
Sign up for a
Free 15-Day Trial!
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...
Receive Mike's "Mid-Day Minute" technical market analysis, plus his weekly analysis and periodic offers.
*In submitting this form you agree to our permission/privacy statement.