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GDX/NUGT Bounce Target Hit

GDX 15 minute April 1st

GDX 15 minute April 1st

The short-term bounce target for the GDX/NUGT trade (18.80 level on GDX) has been hit. Consider booking partial or full profits and/or placing a relatively tight trailing stop in order to protect profits while allowing for additional gains.

Those trading GDX could allow for more liberal stops as GDX does not suffer from price decay as the 3x leveraged NUGT does. Should the mining stocks continue higher, printing a positive close each day for several days, then NUGT should continue to perform well. It is the daily red closes on NUGT that eat into the returns while holding this extremely volatile, highly leveraged ETF. The swing target for GDX remains 19.89 although I will probably set the official price target just below that actual resistance level should this trade continue to play out.

Apr 1, 2015 10:27am|Categories: Completed Trades - Long, Gold & Commodities|Tags: , |Comments Off on GDX/NUGT Bounce Target Hit