Gold: The Perfect Buy Point?

by JDH on August 17, 2019

Here’s the chart of NUGT – Direxion Daily Gold Miners Index Bull 3x Shares

Looks good to me.

Since the bottom in May and June, NUGT has more than tripled, from $14 to over $40 before settling in at $35.

The RSI is down to a favorable 52, the uptrend looks strong, so it would appear to be a good time to buy.

I made some purchases this week, but still have a lot of cash on the sidelines.  I will continue to deploy more cash this week in the $32 to $35 range, and see what happens.

There you go, short and sweet.

(And yes, I realize my speculation comments on Rubicon last week have not yet worked out; let’s see where we are in September when all of the traders are back, and we’ll make a final evaluation at that time).

More next week.