GDX NUGT $USD Euro Update

The EUR/USD broke out overnight, which should translate to a correction in the $USD in the coming days/weeks should this breakout stick. This 2-hour period chart shown an alternative view of the EUR/USD shown as a bullish falling wedge (using the same downtrend line as price channel on the 4-hour chart) with the pair currently backtesting the wedge after last night's breakout.

As the overlaid, 2-minute streaming chart with pre-market & after-hours trades (shaded grey) shows, GDX already traded within a penny of the bottom of the T1 target zone (13.80) this morning with the EUR/USD breakout. That would correlate to about 17% gain in NUGT in less than one trading session, should one have opted to booking gains in the pre-market session today. As mentioned in the Trading Room yesterday, this current trade in GDX/NUGT has the potential into a longer-term swing trade & I may add additional price targets (as well as flip into a DUST short trade), should the charts continue to firm up. I also posted several charts highlighting potential bottoming patterns in some of the leading individual mining companies in the Trading Room as well & may add a few more later today.

2017-03-08T21:20:09+00:00 Nov 19, 2015 8:53am|Categories: Completed Trades - Long, Gold & Commodities|Tags: , |Comments Off on GDX NUGT $USD Euro Update