The Miners are Stirring Ahead of the Fed Policy Statement

The Direxion Daily Gold Miners Bull 3X ETF (NUGT) has popped to challenge its Sept resistance line at 2.98 this morning, which if hurdled and sustained, should trigger upside continuation to test the prior high at 3.20 (Sept 10).

Should such a scenario unfold, NUGT will exhibit an Aug-Sept basing pattern that will project considerably higher prices.

That said, however, first thing's first: a sustained climb above 2.98.

Only a failure to sustain current strength followed by a decline that breaks 2.69 (closing basis) will compromise the developing constructive technical set up.

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