Gold & Commodities

The Gold & Commodities category is a sub-section of Market Analysis that includes charts and commentary associated with precious & industrial metals such as gold, silver, and copper as well as various hard & soft commodities such as oil, gas, wheat, corn, etc…

Oct 062015

NUGT (3x long gold miners ETF) has hit the final target for a 36% gain at the open today with GDX gapping above the T2 level. Consider booking partial or full profits and/or raising stops if holding out for additional gains.


The long entry for NUGT occurred at the open on Friday morning at 30.01 when GDX opened slightly above the 60-minute bullish falling wedge pattern (original chart from the setup posted on Thursday is the first one above). As with all trade ideas, if a long trade gaps above a final target, it is the opening price that will count as the closing trade, as standing sell limit orders become market orders once the limit price is met or exceeded. NUGT gapped up to open at 40.81 today.

As shown on the original chart from last Thursday, the next significant resistance level, should the miners continue to rally from here, is the August 21st reaction high at 16.16. NUGT (and GDX) will now be moved to the Completed Trade category but as the recent price action has been very bullish, including the breakouts of GDX as well as most of the leading individual mining stocks on the daily time frames as covered in Thursday's video, GDX, NUGT (and/or a DUST short) are likely to be added back as new trades on the next objective entry.

 October 6, 2015 10:00 am  Completed Trades - Long, Gold & Commodities Tagged with: , ,