Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.
Gold Miners Continue to Suffer with the Commodity Complex, But...
Direxion Daily Gold Miners Bull 3X ETF (NUGT) is approaching a critical price/chart zone, where the pattern off of the June 6 recovery high at 38.79 either is going to put in a significant low and upside reversal from the pattern-ending falling-wedge formation, or come unhinged from the wedge into a vertical decline that retests its critical May pivot low at 26.90.
Right now, NUGT is in "show me" mode. It has to climb and sustain above 30.50/90 near-term resistance to trigger initial signals that the downleg from 38.79 is over.
Otherwise, NUGT will remain vulnerable to a test of the May low.... Last is 29.44/45