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