Markets are consolidating near the top before the decline that started last week resumes. Confirmation of the start of decline will happen only if the indices move below 15 day moving averages and /or they move below the lows established in the last two weeks. In the mean time we cannot rule out retest of the recent highs or in the case of NASDAQ to make new highs.
Gold mining ETFs GDX & GDXJ are reaching 200 day moving averages. Even though Gold itself is at around $1270, which is way above lows established in 2009, Gold mining shares are near lows established in 2009. Thus a rally in Gold Mining shares cannot be ruled out. Profits should be taken in any short positions in NUGT and other 3X Miner ETFs.
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GDX 10 year
GLD 10 Year Gold mining ETFs GDX & GDXJ are reaching 200 day moving averages. Even though Gold itself is at around $1270, which is way above lows established in 2009, Gold mining shares are near lows established in 2009. Thus a rally in Gold Mining shares cannot be ruled out. Profits should be taken in any short positions in NUGT and other 3X Miner ETFs.
Gold mining ETFs GDX & GDXJ are reaching 200 day moving averages. Even though Gold itself is at around $1270, which is way above lows established in 2009, Gold mining shares are near lows established in 2009. Thus a rally in Gold Mining shares cannot be ruled out. Profits should be taken in any short positions in NUGT and other 3X Miner ETFs.
DJI
GLD 10 Year Gold mining ETFs GDX & GDXJ are reaching 200 day moving averages. Even though Gold itself is at around $1270, which is way above lows established in 2009, Gold mining shares are near lows established in 2009. Thus a rally in Gold Mining shares cannot be ruled out. Profits should be taken in any short positions in NUGT and other 3X Miner ETFs.
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