Since May 12, our Model Portfolio has been long Direxion Daily Gold Miners Bull 3X ETF (NYSE:NUGT) at 35.10. Last is 37.19/20.
NUGT shows a near-term (6 week) rounded, accumulation-type formation that is pushing up toward 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 en 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.
