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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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
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