Gold Rises Higher As Investors Weigh Recession Probability: This ETF Offers 2X Leverage
Portfolio Pulse from Melanie Schaffer
Direxion Daily Gold Miners Index Bull 2X Shares (NUGT) rose more than 1% on Tuesday, in line with spot gold, amid warnings of a possible recession. The ETF has been trading sideways since June 1, forming a double inside bar pattern on the daily chart, which leans bullish.
June 05, 2023 | 4:17 pm
News sentiment analysis
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NEGATIVE IMPACT
Direxion Daily Gold Miners Index Bear 2X Shares (DUST) is mentioned as an alternative for traders wanting to play the gold mining index bearishly.
As NUGT is leaning bullish, it could have a negative impact on DUST, which is designed for traders wanting to play the gold mining index bearishly. However, the impact may not be significant as DUST is only mentioned as an alternative.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
NEUTRAL IMPACT
Franco-Nevada Corp (FNV) is part of NUGT's holdings, making up 26.62% along with Newmont Corporation (NEM) and Barrick Gold Corp (GOLD).
FNV is mentioned as part of NUGT's holdings, but the news does not directly impact FNV's stock price. The impact on FNV is neutral as it is only mentioned in relation to NUGT's holdings.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 30
NEUTRAL IMPACT
Barrick Gold Corp (GOLD) is part of NUGT's holdings, making up 26.62% along with Newmont Corporation (NEM) and Franco-Nevada Corp (FNV).
GOLD is mentioned as part of NUGT's holdings, but the news does not directly impact GOLD's stock price. The impact on GOLD is neutral as it is only mentioned in relation to NUGT's holdings.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 30
NEUTRAL IMPACT
Newmont Corporation (NEM) is part of NUGT's holdings, making up 26.62% along with Barrick Gold Corp (GOLD) and Franco-Nevada Corp (FNV).
NEM is mentioned as part of NUGT's holdings, but the news does not directly impact NEM's stock price. The impact on NEM is neutral as it is only mentioned in relation to NUGT's holdings.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 30
POSITIVE IMPACT
NUGT rose more than 1% on Tuesday, forming a bullish double inside bar pattern on the daily chart, indicating a possible continuation of the current trend.
The double inside bar pattern on the daily chart leans bullish, indicating a possible continuation of the current trend. This, combined with the warnings of a possible recession, could lead to an increase in the price of NUGT in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100