Gold and The Miners Reflect a Flight-to-Safety Ahead of Event Risk from Draghi, Comey, or May?

Since May 12, our Model Portfolio has been long Direxion Daily Gold Miners Bull 3X ETF (NUGT) at 35.10... Last is 37.19/20.

NUGT shows a near-term (6-week) rounded, accumulation-type formation that is pushing up towards a test of key resistance at 38.80-39.00, which if hurdled and sustained, will trigger higher projections that challenge the Feb-Jun resistance line, now in the vicinity of 40.10, in route to a confrontation with resistance at the April rally high of 46.48.

At this juncture, only a failure to take out 38.80-39.00, followed by a decline that breaks 32.50/45 will neutralize the currently promising set-up.