Direxion Daily Gold Miners Index Bull 2XSharesArca
Description
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Long Gold: 1.) Lower global growth projections and limited monetary policy flexibility (rates already low/negative) 2.) Potential Head and Shoulder pattern completion on S&P 3.) China trade deal hype has been bought and priced in 4.) USD showed strength, but gold prices remain supported. Indicating buyers are coming into the market. 5.) 2, 5, 10 yr yields are all falling, indicating more money being pulled from stocks and into bonds
Currently bullish on gold in the short term, medium and long term is still uncertain.
Comment
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Target Exit is $21.31. Potential re-entry if volume is strong and it breaks the shoulder line, along with negative macro headlines.
Comment
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*Correction* Head and Shoulders pattern is on NUGT, not S&P.