Gold Rises, Stocks Fall Ahead of Fed's Decision On Interest Rates: This 2X ETF Tracks Gold Miners And Is Poised For A Break Out
Portfolio Pulse from Melanie Schaffer
The Direxion Daily Gold Miners Index Bull 2X Shares (NYSE:NUGT) slid over 2% as the Federal Reserve began its monthly meeting. Analysts are mixed on the Fed's decision on interest rates, with Bank of America expecting a hold and Goldman Sachs predicting a pause followed by cuts in 2024. The ETF, which tracks several gold and silver mining companies, is trading in a possible bull flag pattern under the 50-day simple moving average (SMA). A break up could indicate a longer-term bull cycle. The ETF could rise towards the $36 mark if it breaks up from the flag on higher-than-average volume.
September 19, 2023 | 3:39 pm
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POSITIVE IMPACT
Franco-Nevada Corp (NYSE:FNV) is one of the companies tracked by the ETF NUGT.
As one of the companies tracked by the ETF NUGT, Franco-Nevada Corp could see a potential impact on its stock price if the ETF enters a longer-term bull cycle.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Barrick Gold Corp (NYSE:GOLD) is one of the companies tracked by the ETF NUGT.
As one of the companies tracked by the ETF NUGT, Barrick Gold Corp could see a potential impact on its stock price if the ETF enters a longer-term bull cycle.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Newmont Corp (NYSE:NEM) is one of the companies tracked by the ETF NUGT.
As one of the companies tracked by the ETF NUGT, Newmont Corp could see a potential impact on its stock price if the ETF enters a longer-term bull cycle.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The ETF slid over 2% as the Federal Reserve began its monthly meeting. It is trading in a possible bull flag pattern under the 50-day SMA. A break up could indicate a longer-term bull cycle.
The ETF's price slid as the Federal Reserve began its monthly meeting. However, it is trading in a possible bull flag pattern under the 50-day SMA, which could indicate a longer-term bull cycle if it breaks up. This could lead to a rise in the ETF's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (NYSE:DUST) for traders wanting to play the gold mining index bearishly.
As a bearish counterpart to NUGT, DUST could see a potential impact on its stock price if the ETF NUGT enters a longer-term bull cycle.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50