GLD (gold etf) has gained nearly 5% since the entry just pennies off the multi-year lows last week. I remain bullish both intermediate & longer-term but we could see prices stall here around the 115 resistance level or even pull back before moving higher. Consider raising stops to protect profits.
The GLD entry last Tuesday was posted at 109.84, mere pennies from the lows. In that GLD long entry post from last Tuesday, it was also stated that " Aggressive swing traders only looking to play a bounce lasting several days or weeks might opt to use gold futures, DGP (2x long gold ETF), GDX or possibly NUGT..." Since that entry less than 8 calendar days & 6 trading sessions ago, NUGT has gained an impressive 37%. As NUGT is a 3x leveraged ETF prone to decay (other than during uni-directional moves, such as it has recently experienced, which usually don't last for much more than a week), aggressive traders that took NUGT off the lows last week might consider booking partial or full profits or at the very least, consider raising stops to protect profits. Add to that the fact that GDX is now trading at resistance is just one more reason for shorter-term traders to either book profit or tighten stops to protect gains.
I do, however, remain both intermediate & longer-term bullish on precious metals & the mining sector although I am a bit uncertain about the very near-term direction of the gold, silver & the miners. I believe the odds for at least a consolidation or relatively minor pullback at or around these resistance levels is elevated at this time but with the recent bear trap in precious metals & the miners, plus the fact that my $USD correction continues to play out, it would not be surprised to see the PM sector continue to rise, especially if both the dollar & US equities continue to fall (as money is likely to move out of stocks & into gold).