A 'Golden' Economic Debate Highlights Trading Opportunities In Direxion's Gold Miners Bull And Bear 2X ETFs
Portfolio Pulse from Joshenomoto@benzinga.com
The article discusses trading opportunities in Direxion's leveraged ETFs, NUGT and DUST, amid economic debates and gold's safe-haven status. Goldman Sachs' positive outlook on gold and potential Fed rate cuts could influence these ETFs. NUGT has seen recent losses, while DUST has gained.
September 04, 2024 | 11:55 am
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POSITIVE IMPACT
Direxion Daily Gold Miners Index Bear 2X Shares (DUST) has gained over 9% in the past five sessions, despite trending poorly this year. It recently surpassed its 20-day exponential moving average, indicating potential for a sentiment reversal.
DUST has gained market value recently, despite a poor trend this year. Its movement past the 20-day EMA suggests potential for a sentiment reversal, which could attract bearish traders.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
Direxion Daily Gold Miners Index Bull 2X Shares (NUGT) has experienced recent losses, slipping about 8.5% in the past five sessions. However, it remains in a rising trend channel since late March, trading near its 50-day moving average.
NUGT has been a strong performer this year but has recently incurred losses. It is trading within a rising trend channel, which may encourage bulls. However, its proximity to the 50-day moving average suggests caution.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90