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The index is comprised of publicly traded companies that operate globally in both developed and emerging markets, and are involved primarily in mining for gold and, in mining for silver. It invests at least 80% of its net assets in financial instruments, such as swap agreements, ETFs that track the index, securities of the index and other financial instruments that provide daily leveraged exposure to the index or to ETFs that track the index which provide returns consistent with the objective. It is non-diversified.

Direxion Daily Gold Miners Index Bull 2X Shares

Forget the Fed speakers and trade headlines &#8211; real bottoms are often <a href="https://www.benzinga.com/topic/volatility">written in volatility</a>. 
In an exclusive interview with Benzinga, Jake Behan, head of Capital Markets at Direxion, said investors seeking to time market turning points amid recession or tariff-driven turmoil should look to key behavioral signals.
"Investors are monitoring for peak volatility (maybe the VIX ~ 40), market liquidity (potential need for Fed easing or activities to create orderly markets), and any news that could be viewed as improving macro data/information," he said.
Read Also: <a href="https://www.benzinga.com/general/market-summary/25/04/44642131/volatility-gauge-vix-surges-to-an-8-month-high-more-fear-equals-more-opportunity-says-analyst">Volatility Gauge Vix Surges To An 8-Month High: &#8216;More Fear Equals More Opportunity,&#8217; Says Analyst</a>
<h2 class="wp-block-heading">Tariff Reprieves Show Us The Playbook</h2>
The recent short-lived easing in tariffs gave investors a glimpse of how markets might react when fear peaks. According to Behan: "After another round of tariff reprieve this weekend's, brief as it may have been, we have seen Treasuries rally, gold pull back, and the VIX ease lower."
For those watching these defensive pivots, gold-related funds like the Direxion Daily Gold Miners Index Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUGT#NYSE">NUGT</a>) or its inverse bear counterpart, the Direxion Daily Gold Miners Index Bear 2X Shares (ARCA: DUST), can provide amplified exposure to short-term moves driven by flight-to-safety sentiment.
<h2 class="wp-block-heading">VIX: The Recession Risk Thermometer</h2>
While macro indicators like credit spreads or unemployment take time to react, the CBOE Volatility Index (VIX) is a more immediate read on fear. If the VIX jumps close to 40, it could be a sign that panic is peaking and the market may be near a bottom, according to Behan.
As safe-haven flows redirect capital toward Treasuries and away from risk assets, inverse equity ETFs like Direxion's Daily S&amp;P 500 Bear 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPXS#NYSE">SPXS</a>) could offer a high-conviction option for traders anticipating a deeper drawdown.
Bottom-pickers should focus less on policy pronouncements and more on price action and market behavior. As Behan hints, the road to recovery might not be paved with data &#8211; it might be marked by exhaustion.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/25/04/44678610/volatility-gauge-vix-spikes-118-in-3-days-tops-45-for-2nd-day-first-time-since-gfc-and-pandemic">Volatility Gauge VIX More Than Doubles In 3 Days: Crosses The 45 Mark For 2nd Day, 1st Time Since 2008 Financial Crisis</a></li>
</ul>
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EXCLUSIVE: When Volatility (VIX) Peaks, Will That Be The Bottom? Watch These Signals, Says Direxion Expert

Fear can motivate people to do many things, including apparently<a href="https://www.benzinga.com/markets/commodities/25/04/44754594/gold-miners-rally-as-bullion-hits-3212-record-trump-tariffs-fuel-over-20-year-to-date-surge-across-sector#:~:text=Gold%20prices%20surged%20past%20%243%2C212,escalating%20U.S.%2DChina%20trade%20tensions."> sending gold prices to record highs</a>. Amid rising political and economic insecurity, investors both individual and institutional have found comfort and confidence in the precious metal. Still, all markets feature an ebb and flow, creating opportunities for contrarian thinkers.
Regardless, despite the existence of two sides to a story, the gold narrative is unmistakably bullish at this hour. Recently, the spot price of the yellow metal surged past the $3,200 per ounce level, with much of the move attributed to trade war tensions. While President Donald Trump<a href="https://www.benzinga.com/25/04/44729499/rh-rallies-after-trump-pauses-tariffs-that-triggered-40-selloff"> announced a 90-day pause</a> on sweeping new tariffs, he maintained a 125% tariff on Chinese imports on top of an existing 20% duty.
Since China represents the world's second-largest economy, there remains much uncertainty regarding the direction of the ongoing trade war. With gold marching higher amid the chaos, there's little to suggest that investor appetite is fading. In fact, according to the World Gold Council, global physically-backed<a href="https://www.benzinga.com/markets/commodities/25/04/44754594/gold-miners-rally-as-bullion-hits-3212-record-trump-tariffs-fuel-over-20-year-to-date-surge-across-sector"> gold ETFs experienced inflows of $8.6 billion</a> in March alone. With such intense demand, both the metal and the<a href="https://www.benzinga.com/etfs/specialty-etfs/25/04/44772011/gold-miners-go-parabolic-gdx-hits-2012-highs-newmont-soars-9"> underlying mining complex have soared</a>.
However, not everyone is convinced about the blistering potential of precious metals. Previously, one of the<a href="https://www.benzinga.com/trading-ideas/long-ideas/20/11/18191005/should-you-invest-in-gold-right-now"> sharpest criticisms of gold</a> came from legendary investor Warren Buffett. In his view, unlike stocks or bonds that produce earnings, generate interest or pay dividends, the commodity offers very little utility.
"Gold will never produce anything &#8230; it doesn't do anything but sit there and look at you," Buffett once said.
Furthermore, while gold is rare, it's hardly an asset facing extinction. While the supply is finite, it's also a fact that the world's supply of gold is constantly growing. Per<a href="https://www.statista.com/statistics/238414/global-gold-production-since-2005/#:~:text=China%20is%20currently%20leading%20the,panning%2C%20sluicing%2C%20and%20dredging."> Statista</a>, the amount of gold available to buy and sell is increasing by more than 3,000 metric tons per year.
As well, gold may not have been the strongest performer when considering a longer period. From January 1990 to late 2020, gold gained just over 372%, paling in comparison to the 1,700% return at the time for the S&amp;P 500. In other words, the precious metal may perform swimmingly under certain cynical conditions. Outside of such circumstances, however, the performance can be lackluster.
The Direxion ETFs: Such clashing narratives provide an enticing framework for gold-mining-focused exchange-traded funds. Specifically, optimistic traders anticipating a continued northward trajectory may consider the Direxion Daily Gold Miners Index Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUGT#NYSE">NUGT</a>). Conversely, those who have a contrarian spirit may find the Direxion Daily Gold Miners Index Bear 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUST#NYSE">DUST</a>) to be of their liking.
Both NUGT and DUST seek the daily investment results, before fees and expenses, of either 200% (or 200% of the inverse) performance of the NYSE Arca Gold Miners Index. Since both are 2X leveraged ETFs, they allow investors to double down on their speculation.
Such financial products primarily bring to the table convenience. Leveraged and inverse ETFs allow everyday investors to access leveraged or short transactions without having to resort to the complexities – and potentially uncapped risks – of options trading. Instead, Direxion ETF shares (or units to use the proper lexicon) can be bought and sold, much like any other security.
That said, prospective investors must be aware of certain risks associated with NUGT and DUST. First, the gold-mining complex can be volatile. While the underlying asset has performed swimmingly,<a href="https://www.benzinga.com/news/global/25/02/43618203/gold-nears-3000-but-miners-struggle-as-rising-costs-squeeze-profits"> there's no guarantee</a> that gold's good fortune will translate to a boosted mining industry. Second, leveraged and inverse ETFs are designed for exposure lasting no longer than one day. Any longer and the performance may not track the underlying index due to daily compounding effects.
The NUGT ETF: It's hard to argue with performance, and the NUGT ETF has certainly been performing well, gaining almost 102% of market value on a year-to-date basis.
<ul>
<li>Shooting up to a price per unit of $70.91, NUGT stormed well above its 20-day exponential moving average, indicative of extreme near-term momentum.</li>
<li>Given the upward zig-zag pattern established since late January, investors should watch for a potential near-term pullback.</li>
<li>Still, volume levels are robust, suggesting sustained enthusiasm for the 2X bull ETF.</li>
</ul>
<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1035" height="627" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14081801/image-97.png" alt="" class="wp-image-870051" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14081801/image-97.png 1035w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14081801/image-97-300x182.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14081801/image-97-1024x620.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14081801/image-97-768x465.png 768w" sizes="(max-width: 1035px) 100vw, 1035px" /></figure>
The DUST ETF: On the other end of the spectrum, the DUST ETF has struggled for momentum, losing nearly 58% of its value since the January opener.
<ul>
<li>In a picture of contrasts, DUST at $29.06 sits well below its 20-day exponential moving average, along with the benchmark 50-day and 200-day moving averages.</li>
<li>Thanks to its step-down pattern evident since January, it's possible for the DUST ETF to temporarily pop higher.</li>
<li>Nevertheless, distribution volume is strong, indicating a great fear of betting against gold miners.</li>
</ul>
<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1030" height="632" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14081801/image-96.png" alt="" class="wp-image-870050" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14081801/image-96.png 1030w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14081801/image-96-300x184.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14081801/image-96-1024x628.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/14081801/image-96-768x471.png 768w" sizes="(max-width: 1030px) 100vw, 1030px" /></figure>
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Gold Boom Sets Up Intriguing Clash For Direxion's Gold Miners 2X Bull And Bear Funds

Gold has historically been considered the archetypal<a href="https://www.benzinga.com/money/advantage-gold"> safe-haven asset</a> – and safety appears to be a hot commodity these days. While the Federal Reserve has seen encouraging progress in the fight against inflation, key elements such as<a href="https://www.benzinga.com/real-estate/24/06/39550558/housing-costs-and-interest-rates-are-weighing-heavily-on-consumer-minds-study-finds"> housing costs</a> remain a burden on many American families. As such, a flight to defensive investments has invigorated the yellow metal.
Adding to the optimism for precious metals, Goldman Sachs recently issued a<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40689742/goldman-sachs-bullish-on-gold-wall-street-giant-targets-2-700-by-early-2025-driven-"> positive outlook</a> for the commodity. Its experts anticipate that spot gold could hit $2,700 by early next year. Fundamentally, a contributing catalyst stems from geopolitical dynamics. As an asset considered a safe haven by many, gold generally shares a direct correlation with rising fear. Additionally, the<a href="https://www.benzinga.com/markets/equities/24/09/40696921/traders-bet-aggressively-on-rate-cuts-ahead-of-jobs-data-5-etfs-to-watch-this-week"> much-anticipated Fed rate cuts</a> could boost in-demand natural assets.
One of the biggest economic headwinds in the post-pandemic paradigm has been the soaring benchmark interest rate. A necessary evil to unwind the monetary excesses during the COVID-19 crisis, high borrowing costs impede financing and commercial activities. Therefore, reducing this burden could boost the economy.
Notably, the Labor Department last month issued a<a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40487711/us-economy-adds-818-000-fewer-jobs-than-initially-reported-urgency-for-interest-r"> downward revision of 818,000 non-farm payrolls</a> between April of last year to March of this year. Though this downgrade theoretically supports the case for interest rate cuts, some experts have<a href="https://www.benzinga.com/opinion/24/07/40078070/why-a-rate-cut-could-tank-the-stock-market"> voiced concerns</a> about adopting a dovish monetary policy prematurely.
In the past,<a href="https://www.benzinga.com/opinion/24/08/40229775/investors-cheer-a-likely-rate-cut-history-says-be-careful-what-you-wish-for"> rate cuts have signaled economic problems</a>, not opportunities. Such a framework could be deflationary for gold, posing a dilemma for buy-and-hold investors.
The ETFs: Nevertheless, the back-and-forth offers a chance for retail traders to scalp quick profits from the gold market. For this purpose, Direxion offers two leveraged exchange-traded funds. Those optimistic about the yellow metal – specifically the underlying mining complex – may consider Direxion Daily Gold Miners Index Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUGT#NYSE">NUGT</a>).
On the other hand, those who are bearish may find attractive prospects in Direxion Daily Gold Miners Index Bear 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUST#NYSE">DUST</a>). Both ETFs are tied to the NYSE Arca Gold Miners Index but with different objectives. NUGT aims to seek 200% of the daily return of the aforementioned index, whereas DUST targets 200% of the inverse performance.
Whichever fund traders choose, they must be aware that both these vehicles are meant for exposure lasting no longer than one day. Leveraged ETFs are similar to mechanical watches. When just wound, they tell time perfectly. However, as the underlying springs lose tension, these analog timepieces suffer slippage. So it is with leveraged ETFs.
The NUGT ETF: While a strong performer this year, NUGT has incurred sharp losses recently. In the past five sessions, the 2X bull fund slipped about 8.5%.
<ul>
<li>The bulls will be encouraged that since late March of this year, NUGT is trading within a rising trend channel of higher highs and higher lows.</li>
<li>However, the optimists cannot be complacent as Tuesday's volatile session has put the price action right on top of NUGT's 50-day moving average ($44.17).</li>
</ul>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfQa0UP2BhdGCfyVhIhpGZ1x_rkXNqucBYclEH9rhPDNNvcYRS0pxFyamT5T4cIxA2BDqMybw0ghzpMESzkOOdJW5_7IoMnkMaikAzj7xFUHd976RSV-MZUiC8sR58A4bX669O6b7cNTfV7jyOuWoyUEow?key=cESNoaesC_lSH1QN8zt0mA" alt="" /></figure>
The DUST ETF: On the other end of the equation, DUST has been trending relatively poorly this year. However, in the past five sessions, the inverse leveraged fund gained over 9% of market value.
<ul>
<li>Since late March of this year, DUST has unsurprisingly printed a trend channel featuring lower highs and lower lows.</li>
<li>Nevertheless, the bears will be looking for a sentiment reversal, with DUST recently blowing past its 20-day exponential moving average ($6.01).</li>
</ul>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe4C84xVzfHorF81Gqx8q8u4vNQ7GFDnGl5Q_YtkwJs8PmcDrJibz5ifO98eJdApFbDgjUg5th3lnSibwRIW68VnPgdPHM3iOVcAbt3g7s8zsA0_uUgEPuFZrWa4T0icgw5Zm8U7Okfuk6tsyp4mVisgyiq?key=cESNoaesC_lSH1QN8zt0mA" alt="" /></figure>
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A 'Golden' Economic Debate Highlights Trading Opportunities In Direxion's Gold Miners Bull And Bear 2X ETFs

Spot gold was trading flat Wednesday, continuing to consolidate in a sideways pattern after reaching record highs in April, partly propelled by China escalating <a href="https://www.benzinga.com/markets/asia/24/05/38649656/how-chinas-central-bank-gold-buying-frenzy-drove-prices-to-record-highs-attracting-gen-z-to-gold-bea">its purchases of the commodity</a>.
For cyclical investors, spot gold&rsquo;s consolidation following the metal&rsquo;s steep bull run could signal that traders will begin switching their focus toward gold miners, the latter which has underperformed the movement of the physical commodity.
Direxion Daily Gold Miners Index Bull 2X Shares (ARCA: NUGT) <a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">invests in a variety of publicly traded firms</a> with global operations in both developed and emerging markets. These companies are predominantly involved in gold mining, with some also engaged in silver mining, but to a lesser degree.
Read Next:&nbsp;<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/05/38648713/as-large-cap-stocks-take-a-breather-and-the-spy-trades-sideways-will-small-cap-stocks-st">As Large-Cap Stocks Take A Breather And The SPY Trades Sideways, Will Small-Cap Stocks Steal The Spotlight?</a>
Trending:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38709820/doge-is-the-btc-of-memes-and-these-two-meme-coins-are-the-eth-and-a-must-have-trader-touts">DOGE Is The &#39;BTC Of Memes&#39; And These Two Meme Coins Are The ETH And A &#39;Must Have,&#39; Trader Touts</a>
NUGT is a double-leveraged fund&nbsp;designed to outperform the NYSE Arca Gold Miners Index by 200%. Some of NUGT&rsquo;s most popular holdings include Newmont Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>), which make up 30.05% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to a long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders who are bearish on the gold mining sector, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (ARCA: DUST).
Want direct analysis? Find me in the BZ Pro lounge! <a href="http://www.benzinga.com/pro">Click here for a free trial</a>.
The NUGT Chart: Like spot gold, NUGT has been trading in a mostly sideways pattern since April 12 but with a higher level of daily volatility. The horizontal pattern, paired with the volatility, has caused NUGT to settle into a symmetrical triangle pattern on the daily chart.
<ul>
<li>On Wednesday, NUGT attempted to break through the upper descending trend line of the triangle but failed and wicked down from that area. NUGT&rsquo;s failure to break bullishly from the pattern is likely due to the ETF trading on lower-than-average volume.</li>
<li>Bullish traders want to see NUGT continue to trade near the upper trend line of the triangle and then for big bullish volume to come in and cause a bullish break from the pattern. If that happens, it could signal a longer-term run back toward the April high is on the horizon.</li>
<li>Bearish traders want to see bearish volume drop NUGT down toward the bottom trend line of the pattern, which would cause the ETF to lose support at the eight-day exponential moving average. If that occurs, increasing bearish volume could come in and cause NUGT to break down from the triangle.</li>
<li>NUGT has resistance above at $41.31 and at $44.32 and support below at $37.68 and at $33.<img alt="screenshot_612.png" src="https://www.benzinga.com/files/u278075/screenshot_612.png" style="height:355px; width:760px" /></li>
</ul>

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As Spot Gold Stalls Will Investors Turn To Gold Miners? This ETF Looks Ready To Break Out And Offers 2X Leverage

Spot gold was popping up above 0.5% at one point on Tuesday, propelled by escalating tensions in the Middle East following Tehran&rsquo;s decision to deploy hundreds of drones and missiles toward Israel <a href="https://www.benzinga.com/news/24/04/38240360/what-a-full-blown-war-between-israel-and-iran-could-entail-according-to-one-report">on Saturday night.</a>
Iran&rsquo;s move sparked heightened concerns that a widespread regional could break out, which would have broad negative implications for the global economy.
Gold&rsquo;s break higher on Tuesday, which saw the commodity working back toward the April 12 all-time high of $2,431.78, was pulling the gold mining sector north.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38257564/israels-war-cabinet-vows-to-respond-clearly-and-forcefully-against-iran-g7-mulls-sanctions">Israel&#39;s War Cabinet Vows To Respond &#39;Clearly And Forcefully&#39; To Iran, G7 Mulls Sanctions On Tehran: Stocks Tumble, Gold Rallies, WTI Tops $85</a>
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Direxion Daily Gold Miners Index Bull 2X Shares (ARCA: NUGT), which often follows spot gold, was reversing upward from Tuesday&rsquo;s $35.84 low-of-day.
NUGT <a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">is a double-leveraged fund</a> that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) making up 30.05% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to a long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (ARCA: DUST).
Want direct analysis? Find me in the BZ Pro lounge! <a href="http://www.benzinga.com/pro">Click here for a free trial</a>.
The NUGT Chart: NUGT rallied about 88% between Feb. 28 and April 12, where the ETF reached an 11-month high of $43.58. On Friday, the ETF retraced on higher-than-average volume and on Monday and Tuesday, the ETF was looked to consolidate on decreasing volume.
<ul>
<li>On Tuesday, NUGT negated its uptrend by printing a lower low under the most recent higher low, which was formed on April 10 at $37.15. Although the uptrend was negated, a downtrend won&rsquo;t be confirmed unless the ETF prints a lower high under the 11-month high.</li>
<li>Also on Tuesday, NUGT was worked to print a dragonfly doji or hammer candlestick, which could indicate the local bottom has occurred and the ETF will rise higher again on Wednesday. If that happens, bulls want to see the ETF regain the eight-day exponential moving average (EMA) as support.</li>
<li>Bearish traders want to see NUGT reject the eight-day EMA and then for big bearish volume to come in and knock the ETF down under Tuesday&rsquo;s low-of-day, which would confirm a new downtrend.</li>
<li>NUGT has resistance above at $37.68 and at $41.31 and support below at $33 and at $28.13.<img alt="screenshot_584.png" src="https://www.benzinga.com/files/u278075/screenshot_584.png" style="height:362px; width:760px" /></li>
</ul>
Image sourced from Shutterstock

Spot Gold Rises As Tehran Attack Sparks Fear Of Wider Conflict: This ETF (NUGT) Tracks Gold Miners

Direxion Daily Gold Miners Index Bull 2X Shares (ARCA: NUGT) was consolidating on Tuesday after closing Monday&rsquo;s session on top of the 200-day simple moving average (SMA) &ndash;a level a stock or ETF rarely breaks through on the first attempt, which Benzinga <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/03/37565192/gold-surges-in-blue-skies-mining-sector-prepares-for-bull-cycle-this-etf-offers-2x-lever">pointed out on Friday</a>.
The move lower came in tandem with spot gold, which was trading down about 1% after reaching a new all-time high of $2,195.15 on Friday, where the commodity&rsquo;s relative strength index&nbsp;was measuring in at about 84%, indicating gold was heavily overbought.
For NUGT, Tuesday&rsquo;s downturn was taking place on decreasing volume, indicating that the bulls are taking a breath rather than that the bears have gained control. The ETF was also working to print a hammer candlestick, indicating the local bottom may have occurred.
Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37591635/gold-speculators-pave-ground-for-multi-year-bull-market-in-metals">Gold Speculators Pave Ground For &#39;Multi-Year Bull Market In Metals&#39;</a>
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NUGT <a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">is a double-leveraged fund</a> that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>), Agnico Eagle Mines Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aem#NYSE">AEM</a>), Wheaton Precious Metals Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wpm#NYSE">WPM</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) making up its top five holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to a long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (ARCA: DUST).
Want direct analysis? Find me in the BZ Pro lounge!&nbsp;<a href="https://www.benzinga.com/pro/" target="_blank">Click here for a free trial</a>.
The NUGT Chart: NUGT&rsquo;s retracement on Tuesday came down toward the eight-day exponential moving average (EMA), where bulls came in and bought the dip. The price action was causing the ETF to form a bullish hammer candlestick and possibly print a higher low, which could confirm a new uptrend.
<ul>
<li>Although NUGT closed on top of the 200-day SMA on Tuesday, the downturn in spot gold paired with the technical resistance at that area caused the ETF to open lower. If NUGT continues to consolidate mostly sideways on lower-than-average volume over the next few trading days, it becomes more likely the ETF will eventually break up above the 200-day, which would throw NUGT into a bull cycle.</li>
<li>Bearish traders want to see big bearish volume come in and drop NUGT down under the eight-day EMA, which could accelerate downside pressure. If that happens, the possible bull flag NUGT is beginning to form under the 200-day SMA will be negated.</li>
<li>NUGT has resistance above at $33 and at $37.68 and support below at $28.13 and at $26.41.<img alt="screenshot_320.png" src="https://www.benzinga.com/files/u278075/screenshot_320.png" style="height:359px; width:760px" /></li>
</ul>
Featured image sourced from Shutterstock

Markets

Gold Miners Consolidate Recent Surge As Spot Gold Takes A Breather: A Technical Analysis Of Major ETF

Direxion Daily Gold Miners Index Bull 2X Shares (ARCA: NUGT) has surged about 33% since Feb. 28, propelled by the price of spot gold, which has closed at a new all-time high<a href="https://www.benzinga.com/news/large-cap/24/03/37547023/gold-shines-brighter-than-ai-driven-semiconductor-stocks-7-mining-stocks-to-watch-with-prices-at-r"> each day this week</a>.
On Friday, gold reached the $2,195 level on Monday, causing its relative strength index to continue climbing well into overbought territory. Once the commodity enters a consolidation phase, further bullish momentum is likely to trickle down into the gold mining sector, beginning with large-cap companies and eventually flowing through into juniors.
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For traders hoping to catch the potential confirmed bull cycle in the gold mining sector, NUGT looks to be headed over the 200-day simple moving average (SMA) and if the ETF regains that area as support and trades above the level for a period of time, the 50-day SMA will cross above the 200-day, causing a golden cross to form.
NUGT is <a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">a double-leveraged fund</a> that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) making up 30.05% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to a long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (ARCA: DUST).
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://www.benzinga.com/pro/">Click here for a free trial</a>.
The NUGT Chart: NUGT hit a low of $23.15 on Feb. 28, where the ETF reversed course and on March 1, NUGT popped up above the fund&rsquo;s most recent lower high, which negated its downtrend. Since then, NUGT has made a consistent series of higher highs without retracing to form a higher low.
<ul>
<li>For a higher low to form on the daily chart, which would confirm a new uptrend, NUGT will have to retrace or consolidate. The consolidation may take place over the next few trading days because a stock or ETF rarely breaks up through the 200-day SMA on the first attempt.</li>
<li>NUGT was also looking to print a doji candlestick on Friday, which may indicate the local top has occurred. Traders can watch for a possible retracement to take place on Monday, which could provide a solid entry point for bullish traders who aren&rsquo;t already in a position.</li>
<li>Bearish traders may want to wait for signs that bullish momentum is decreasing and that a longer-term downturn is on the horizon.</li>
<li>NUGT has resistance above at $33 and at $37.68 and support below at $28.13 and at $26.41.</li>
<li><img alt="screenshot_248.png" src="https://www.benzinga.com/files/u278075/screenshot_248.png" style="height:361px; width:760px" /></li>
</ul>
Image sourced from Shutterstock

Gold Surges In Blue Skies, Mining Sector Prepares For Bull Cycle: This ETF Offers 2X Leverage During A Run Higher

Direxion Daily Gold Miners Index Bull 2X Shares (ARCA: NUGT) was rising about 1.2% higher on Wednesday, continuing to hold steady amid high volatility in the price of spot gold, which came ahead of the November jobs report set to print on Friday and the Federal Open Market Committee <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36115380/cooling-signs-in-us-job-market-raise-concerns-ahead-of-november-jobs-report-the-b">meeting next week</a>.
Spot gold reached a new all-time high of $2,146.79 on Monday before retracing to close under the previous all-time high of $2,081.82, which was printed on May 4. If the commodity continues to run higher, bullish momentum is likely to trickle down into the gold mining sector, beginning with large-cap companies and eventually flowing through into juniors.
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For traders hoping to catch the potential bullish break in the gold mining sector, NUGT is has settled into several bullish chart patterns and looks to be headed over the 200-day simple moving average (SMA) if gold continues to hold above $2,000.
<a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">NUGT is a double-leveraged fund</a> that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) making up 26.55% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to a long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (ARCA: DUST).
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The NUGT Chart: NUGT has been working to form a possible bull flag pattern, with the pole formed between Nov. 10 and Dec. 1 and the flag forming since. If the pattern is recognized and NUGT breaks up from the flag formation on higher-than-average volume, the measured move is a whopping 38%, which suggests the ETF could fly toward the $46 mark.
<ul>
<li>Although NUGT has been trading in a slight downtrend within the flag, the ETF is trading in a fairly consistent uptrend on higher timeframes. The most recent higher high was formed on Friday at $36.48 and the most recent higher low was printed at the $32.57 mark on Tuesday.</li>
<li>If NUGT&rsquo;s bull flag is recognized, the ETF will regain the 200-day SMA, which will suggest a new bull cycle is in play. If that happens and NUGT can remain above that area for a period of time, the 50-day SMA will eventually cross above the 200-day, causing a golden cross to form.</li>
<li>Bearish traders want to see spot gold react negatively to new economic data and then for big bearish volume to come in and knock NUGT down under the 50-day SMA, which would negate the bull flag and possibly accelerate downside pressure.</li>
<li>NUGT has resistance above at $37.68 and at $41.31 and support below at $33 and at $28.13.<img alt="screenshot_133_1.png" src="https://www.benzinga.com/files/u278075/screenshot_133_1.png" style="height:427px; width:760px" /></li>
</ul>

Spot Gold Holds Above $2,000 As Traders Brace For Fresh Economic Data To Close 2023: How To Play The Mining Momentum

The glittering allure of gold is captivating traders once again, as the precious metal notches its fourth consecutive day of gains. 
Gold prices have surged past the $2,040 per troy ounce (.oz) mark on Tuesday, a level not seen since the early <a href="https://www.benzinga.com/topic/gold">days of May 2023.</a>
The bullion, as closely monitored through the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) is now within spitting distance of its all-time highs at $2,081, briefly hit during the volatile session on May 4, 2023. It&#8217;s even creeping closer to its highest closing price ever recorded, hitting $2,063 back in August 2020.
<h2 class="wp-block-heading">Chart: Gold Prices Are On Track To Retest Prior Peaks </h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="697" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28162758/GOLD_2023-11-28_19-28-03_a28bb-1024x697.png" alt="" class="wp-image-151622" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28162758/GOLD_2023-11-28_19-28-03_a28bb-1024x697.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28162758/GOLD_2023-11-28_19-28-03_a28bb-300x204.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28162758/GOLD_2023-11-28_19-28-03_a28bb-768x523.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28162758/GOLD_2023-11-28_19-28-03_a28bb-1536x1045.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28162758/GOLD_2023-11-28_19-28-03_a28bb.png 1587w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Gold On The Rise: 5 Forces at Play</h2>
<ul>
<li>Broader Dollar Weakness: The greenback&#8217;s weakness has lent significant support to gold. The U.S. dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), has fallen below 103 levels on Tuesday, reaching lows last seen in mid-August. </li>
<li>Fed&#8217;s Tone Shifts: One of the Federal Reserve&#8217;s most fervent hawkish members, Gov. Christopher J. Waller, has surprisingly taken a dovish stance during his address to the American Enterprise Institute on Tuesday: &#8220;Inflation rates are moving along pretty much like I thought,&#8221; Waller declared. He expressed growing confidence that current policy measures are well-positioned to slow down the economy and bring inflation back to the 2% target. Notably, he was also &#8220;reasonably confident&#8221; this can be achieved without a significant spike in the unemployment rate, which currently stands at 3.9%. Waller suggested that if the decline in inflation persists over several months, rate cuts could become a reality. </li>
<li>Rising Fed Rate Cut Bets: Following Waller&#8217;s remarks on Tuesday, the market has responded with increased bets on rate cuts in 2024. The CME Group&#8217;s Fedwatch tool, which gauges market-implied probabilities of future policy rates, now indicates a nearly 65% chance of a rate cut as early as May 2024. Traders are also estimating at least four rate cuts by December 2024, assigning a probability of 69%. </li>
<li>Treasury Yields Tumble: Gold&#8217;s primary enemies in financial markets, the yields on U.S. Treasury bonds, which offer a consistent and predictable return that the bullion cannot provide, are now less of a worry. The policy-sensitive 2-year Treasury yields have fallen by 22 basis points to 4.74% over the past two sessions, hitting levels last observed in early August. The yields of the 10-year Treasury note has also declined to 4.35%, the lowest since mid-September. </li>
<li>Improving Investment Demand: Investor demand, a previously dormant factor in 2022, is now beginning to tilt in favor of gold prices. The SPDR Gold Trust, the largest exchange-traded fund (ETF) tracking gold, has seen $1.5 billion in net inflows during November, marking the most robust monthly influx since March 2022.</li>
</ul>
<h2 class="wp-block-heading">Further Implications Of A Gold Price&#8217;s Rally</h2>
The surge in gold prices was propelling gold mining stocks upward.
On Tuesday, the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) showcased a remarkable 4.5% gain, while the leveraged Direxion Daily Gold Miners Index Bull 2XShares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUGT#NYSE">NUGT</a>) surged impressively by 8.8%. In addition, junior gold miners, tracked by the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>), recorded a solid 3.7% increase.
Read Also: <a href="https://www.benzinga.com/23/11/35838465/a-golden-opportunity-portfolio-manager-highlights-unprecedented-discount-in-gold-mining-stocks">Golden Opportunity: Portfolio Manager Highlights Unprecedented Discount In Gold Mining Stocks</a>
Among Tuesday&#8217;s top-performing gold miners were Gold Fields Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>), AngloGold Ashanti plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>), and Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), with gains of 9%, 7.5% and 6.5%, respectively.
Notably, Benzinga recently conducted a virtual event focused on the outlook for the metal industry. You can revisit this insightful discussion in the YouTube clip provided below.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Benzinga Virtual Events: Metals &amp; Mining Outlook" width="500" height="281" src="https://www.youtube.com/embed/TGfuWi1Gs7Y?start=3830&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div>
</figure>
Read Now: <a href="https://www.benzinga.com/markets/equities/23/11/35988551/tesla-cybertruck-event-preview-what-investors-should-know-about-vehicle-thats-blade-runner-meets">Tesla Cybertruck Event Preview: What Investors Should Know About Vehicle That&#8217;s &#8216;Blade Runner&#8217; Meets James Bond</a>

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Gold Price Nears All-Time Highs As Market Confidence In Fed Rate Cuts Grows, Igniting Gold Miners Rally

Direxion Daily Gold Miners Index Bull 2X Shares (ARCA: NUGT)&nbsp;was spiking about 3.5% higher on Tuesday, continuing to fly north within a rising channel pattern on the daily chart.&nbsp;
Spot gold was rising higher Tuesday, trading in tandem with the S&amp;P 500, which opened lower after U.S. retail sales data came in stronger-than-expected but was shooting higher intraday. <a href="https://www.benzinga.com/economics/macro-economic-events/23/10/35286199/september-retail-sales-top-expectations-as-consumers-defy-high-inflation-interest">Read more here...&nbsp;</a>
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
NUGT, which usually follows the price of spot gold was rising more significantly, likely for technical analysis reasons, because the ETF has been trading in a strong uptrend since Oct. 4.
NUGT is<a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs"> a double-leveraged fund</a> that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) making up 31.56% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to a long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dust#NYSE">DUST</a>).
The NUGT Chart: Since reversing into an uptrend on Oct. 4 from the $24.19 mark, NUGT has formed a series of higher highs and higher lows. The most recent higher low was created on Oct. 12 at $27.94 and the most recent confirmed higher high was printed at the $29.50 mark the trading day prior.
Since Oct. 12, NUGT has continued to rise, regaining the 50-day simple moving average on Oct. 13 and continuing to spike higher on Monday and Tuesday. Eventually, NUGT is likely to form a bearish reversal candlestick, such as a doji or shooting star candlestick, which could signal the local top has occurred and a pullback is on the horizon.
The rising channel NUGT is trading in is bullish for the short term but can be bearish down the road. If the ETF drops through the lower ascending trend line of the channel on higher-than-average volume, a longer-term downtrend could be in the cards.
NUGT has resistance above at $33 and at $37.68 and support below at $28.13 and at $24.15.
<img alt="screenshot_57.png" src="https://www.benzinga.com/files/u278075/screenshot_57.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/23/10/35246361/5-analysts-have-this-to-say-about-barrick-gold">5 Analysts Have This to Say About Barrick Gold</a>

Gold Miner Stocks Rise In Tandem With The General Market: This ETF Offers 2X Leverage

Direxion Daily Gold Miners Index Bull 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nugt#NYSE">NUGT</a>) was sliding over 2% Tuesday as the Federal Reserve began its monthly meeting, where the Bank of America expects the central bank <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34697943/bank-of-america-predicts-one-more-fed-rate-hike-in-november">to hold rates steady</a>.
Analysts are mixed on what the Fed will decide by the end of 2023, however. While Bank of America leans toward a final rate hike in November, Goldman Sachs sees the Fed applying a pause in September and November, followed by<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34693067/goldman-sachs-bets-big-no-more-rate-hikes-in-2023-a-wave-of-cuts-in-2024-heres-why"> several rate cuts in 2024</a>.
With the U.S. teetering on a recession, which is often bullish for spot gold, the price of the commodity could increase over the next few months as investors examine the effects on the <a href="https://www.benzinga.com/economics/macro-economic-events/23/09/34649992/fomc-meeting-preview-what-will-the-federal-reserves-next-move-be">Fed&rsquo;s hawkish policy</a>.
For gold miners, seasonality could boost individual stocks and ETFs like NUGT, because miners will begin receiving assays from their summer drilling programs, which could raise the sector.
For NUGT, the ETF is trading in a possible bull flag pattern under the 50-day simple moving average (SMA) and a break up above that area from the pattern could indicate a longer-term bull cycle is on the horizon.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
NUGT is <a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">a double-leveraged fund</a> that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) making up 18.83% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to a long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dust#NYSE">DUST</a>).
The NUGT Chart: NUGT&rsquo;s drop on Tuesday was taking place on lower-than-average volume, which indicates consolidation and coincides with the theory that the ETF is forming the flag of a bull flag formation. The bull flag was formed between Sept. 7 and Tuesday, with the upward-sloping pole created during the first seven trading days of that timeframe and the flag forming since.
<ul>
<li>The measured move of the flag is about 12%, which suggests the ETF could rise toward the $36 dollar mark if NUGT breaks up from the flag on higher-than-average volume. If that happens, the ETF will also regain support at the 50-day SMA, which would give bullish traders more confidence going forward.</li>
<li>Bearish traders want to see the ETF continue to reject the 50-day SMA and then for big bearish volume to come in and drop NUGT down under the eight-day exponential moving average, which would negate the bull flag pattern.</li>
<li>NUGT has resistance above at $33 and at $37.68 and support below at $28.13 and at $24.15.</li>
</ul>
<img alt="screenshot_18.png" src="https://www.benzinga.com/files/u278075/screenshot_18.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/23/09/34729141/oecds-gloomy-2024-global-economic-outlook-chinas-decline-will-pull-down-us-euro-g">OECD&#39;s Gloomy 2024 Global Economic Outlook: China&#39;s Decline Will Pull Down US, Euro Growth</a>

Gold Rises, Stocks Fall Ahead of Fed's Decision On Interest Rates: This 2X ETF Tracks Gold Miners And Is Poised For A Break Out

Direxion Daily Gold Miners Index Bull 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nugt#NYSE">NUGT</a>) gapped up 0.73% higher on Wednesday, where the ETF ran into a group of sellers who knocked it down toward Tuesday&rsquo;s high-of-day.
Spot gold was rising higher Wednesday after cracks in the U.S. economy start to show, with U.S. job openings coming in lower-than-expected Tuesday and the Bureau of Economic Analysis revising its economic growth projections <a href="https://www.benzinga.com/23/08/34112835/us-gdp-revised-downward-to-2-1-in-q2-reflecting-softer-economic-growth">downward on Wednesday</a>.
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While NUGT usually trades in tandem with spot gold, the ETF was consolidating slightly lower from where it opened, likely for technical analysis reasons.
NUGT is <a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">a double-leveraged fund</a> that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) making up 27.83% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to a long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dust#NYSE">DUST</a>).
The NUGT Chart: NUGT has been trading in an uptrend within a rising channel pattern since Aug. 21, making a series of higher highs and higher lows. On Wednesday, the ETF rejected from the top ascending trend line of the channel, indicating a retracement, likely to print another higher low, may be on the horizon.
<ul>
<li>The ETF&rsquo;s most recent higher low was formed on Aug. 25 at $29.41 and the most recent confirmed higher high was printed at the $31.48 mark the day prior. If NUGT retraces on Thursday, Wednesday&rsquo;s high-of-day will serve as the next higher high within the pattern.</li>
<li>Bullish traders want to see NUGT break up from the rising channel pattern, which would cause the ETF to regain the 50-day simple moving average as support (SMA), and then for big bearish volume to come in and drop the stock down from the channel pattern, which could signal an acceleration into a downtrend.</li>
<li>NUGT has resistance above at $37.68 and at $41.31 and support below at $33 and at $28.13.</li>
</ul>
<img alt="screenshot_2693.png" src="https://www.benzinga.com/files/u278075/screenshot_2693.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/markets/asia/23/08/34109337/asia-closes-higher-europe-trading-lower-following-us-futures-global-markets-today-while-us-was-sleep">Asia Closes Higher, Europe Trading Lower Following US Futures - Global Markets Today While US Was Sleeping -&nbsp;</a>

Spot Gold Rises As Cracks In The U.S. Economy Start To Show: This Double-Leveraged Fund Can Accelerate Gains

U.S. Treasury yields experienced a significant surge on Wednesday, influenced by a combination of factors including elevated issuance plans and Fitch&#8217;s downgrade of the <a href="https://www.benzinga.com/government/23/08/33526726/deja-vu-after-fitchs-cut-to-us-credit-rating-a-look-at-the-market-fallout-from-s-ps-2011-downgrade">United States&#8217; sovereign credit rating.</a>
The 10-year Treasury note briefly reached a yield of 4.1%, while the yield on the longer-dated 30-year note increased by 7 basis points to 4.16%, marking their highest levels since Nov. 10, 2022.
<h2 class="wp-block-heading">Chart: Treasury Yields Jump To Highest In 9 Months</h2>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="822" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/02153627/US10Y_2023-08-02_21-35-53_7a398-1024x822.png" alt="" class="wp-image-80016" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/02153627/US10Y_2023-08-02_21-35-53_7a398-1024x822.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/02153627/US10Y_2023-08-02_21-35-53_7a398-300x241.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/02153627/US10Y_2023-08-02_21-35-53_7a398-768x616.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/02153627/US10Y_2023-08-02_21-35-53_7a398.png 1346w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Why Are U.S. Treasury Yields Rising?</h2>
<ul>
<li>Fitch Ratings downgraded the United States&#8217; long-term foreign-currency issuer default rating from AAA to AA+ on Tuesday. The downgrade was attributed to concerns over the expected fiscal deterioration over the next three years, the growing general government debt burden, and governance erosion compared to other peers. The agency also pointed out the impact of repeated debt-limit political standoffs and last-minute resolutions, which have diminished market confidence in the country&#8217;s fiscal management.</li>
</ul>
<ul>
<li>The Treasury Department announced on Wednesday its plan to issue $103 billion in its quarterly refund next week, which is $7 billion higher than the previous quarter and above market expectations. The issuance includes offerings of $42 billion in three-year notes, $38 billion in 10-year notes, and $23 billion in 30-year bonds, according to the <a href="https://www.ft.com/content/b0e815ed-28d3-45cb-89e9-3460d9b91ce1#post-9b3bfc2d-45cb-4cf4-9e8f-a6a94e90dd3c">Financial </a>Times.</li>
</ul>
<ul>
<li>"The timing of the downgrade is a bit weird, but the fiscal situation in the U.S. is concerning," said Brandywine Global Investment Management Portfolio Manager Tracy Chen, cited by <a href="https://www.bloomberg.com/news/articles/2023-08-02/treasury-10-year-yield-flirts-with-highest-level-since-november?sref=TBDibEcD">Bloomberg</a>. According to the expert, this situation may lead to an increase in term premiums and a steepening of the yield curve.</li>
</ul>
<h2 class="wp-block-heading">Heightened Volatility Witnessed In 7 ETFs Wednesday</h2>
<ol>
<li>iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>): This ETF, investing in Treasury securities with remaining maturities of at least 20 years, declined 1% on Wednesday, reaching lows not seen since early November 2022. </li>
<li>ProShares UltraPro QQQ (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TQQQ#NASDAQ">TQQQ</a>): This leveraged ETF, tracking 3 times the daily performance of the Nasdaq 100 index, experienced a 6.8% drop for the session. </li>
<li>VanEck Semiconductors ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>): This ETF, investing in an ample selection of semiconductor stocks, fell 3.7%, recording its worst session of the year. </li>
<li>Invesco Solar ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NASDAQ">TAN</a>): This ETF, investing in companies involved in renewable energy, tumbled 5.7%, on track for its largest loss since mid-June 2022. </li>
<li>ProShares Trust Ultra VIX Short Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UVXY#NYSE">UVXY</a>): This ETF, which tracks 1.5 times the daily performance of the S&amp;P 500 VIX Short-Term Futures Index, skyrocketed 17%. </li>
<li>Direxion Daily Gold Miners Index Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUGT#NYSE">NUGT</a>): This ETF, tracking 2 times the daily performance of the NYSE Arca Gold Miners Index, fell 6.2% on Wednesday, after declining 7.3% on Tuesday. </li>
<li>Global X Robotics &amp; Artificial Intelligence ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BOTZ#NASDAQ">BOTZ</a>): This ETF, investing in AI-related stocks, dropped 3.6% on Wednesday, marking its largest daily decrease since mid-December 2022.</li>
</ol>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock.

Government

Bonds

Broad U.S. Equity ETFs

Downgrades

Tech

BOTZ

iShares Trust Barclays 20+ Year Treasury Bond Fund

TQQQ

UVXY

US Credit Rating Cut Triggers Surge In Treasury Yields: 7 ETFs Experience Wild Swings

Direxion Daily Gold Miners Index Bull 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nugt#NYSE">NUGT</a>) was rising more than&nbsp;1% on Tuesday in tandem with spot gold, which was moving about 0.5% higher, possibly on new&nbsp;warnings a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/06/32706734/shock-jobs-data-could-hide-the-fact-that-a-recession-is-around-the-corner-warns-eco">recession may be in the cards</a>.
The ETF has been trading sideways since June 1 after a two-day rally on that day and the day prior caused NUGT to rebound 11.51% higher and negate a possible bear flag pattern.
The sideways trading action has caused NUGT to form a <a href="https://www.benzinga.com/money/stock-chart-patterns">double inside bar pattern</a> on the daily chart.
An inside bar pattern indicates a period of consolidation and is usually followed by a continuation move in the direction of the current trend.
An inside bar pattern has more validity on larger time frames (four-hour chart or larger). The pattern has a minimum of two candlesticks and consists of a mother bar (the first candlestick in the pattern) followed by one or more subsequent candles. The subsequent candle(s) must be completely inside the range of the mother bar and each is called an &quot;inside bar.&quot;
A double, or triple inside bar can be more powerful than a single inside bar. After the break of an inside bar pattern, traders want to watch for high volume for confirmation the pattern was recognized.
NUGT is <a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">a double-leveraged fund</a> that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) making up 26.62% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to a long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dust#NYSE">DUST</a>).
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The NUGT Chart: NUGT negated its bear flag on June 1 by regaining the eight-day exponential moving average as support. The ETF is now trading above the area, forming a double inside bar pattern, which leans bullish because NUGT was trading higher before forming it.
<ul>
<li>Bullish traders want to see NUGT eventually break above the June 1 high-of-day on higher-than-average volume, which would confirm a new uptrend is on the horizon. Bearish traders want to see big bearish volume come in and break NUGT down from the mother bar, which could cause the ETF to back-test the 200-day simple moving average (SMA) as support.</li>
<li>If NUGT were to fall under the 200-day SMA, the ETF could fall into a longer-term downtrend. If the ETF breaks higher, the NUGT is likely to find resistance, at least temporarily, at the 50-day SMA.</li>
<li>NUGT has resistance above at $41.31 and $44.32 and support below at $37.68 and $33.</li>
</ul>
<img alt="screenshot_2489.png" src="https://www.benzinga.com/files/u278075/screenshot_2489.png" style="height:427px; width:760px" />
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Photo: PIxabay

Gold Rises Higher As Investors Weigh Recession Probability: This ETF Offers 2X Leverage

Direxion Daily Gold Miners Index Bull 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nugt#NYSE">NUGT</a>) gapped down almost 6% lower on Friday, when <a href="https://www.benzinga.com/etfs">the ETF</a> ran into a group of buyers who knocked it down more than 4% from the open.
Spot gold was retracing lower on Friday, possibly printing a higher low at just under $2,000, which aligns with the 21-day exponential moving average.
Investors are now worried the economy is on shaky ground amid the debt ceiling crisis, which the White House has warned could tank the stock market and throw the U.S. into a recession <a href="https://www.benzinga.com/general/politics/23/05/32220872/the-debt-ceiling-crisis-lawmakers-run-against-the-clock-with-one-outcome-guaranteeing-disaster">unless a solution is agreed to</a>.
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In contrast, NUGT, which usually trades in tandem with spot gold, was showing bullish momentum, likely for technical analysis reasons, because the ETF is trading in an uptrend and is in need of a higher low.
NUGT is a double-leveraged <a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">fund</a> that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) making up 26.62% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to long-term investments. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dust#NYSE">DUST</a>).
The NUGT Chart: NUGT reversed course into an uptrend on April 27 and has printed a higher high and a higher low to confirm an uptrend. The higher low was formed on May 1 at $44.11 and the higher high was created at the $51.89 mark on Thursday. On Friday, NUGT fell to the $47 mark, where bullish traders came in and bought the dip, causing the ETF to spike higher.
<ul>
<li>NUGT opened the trading session on the eight-day EMA, which has been guiding the ETF higher since Wednesday but hadn&rsquo;t yet been back tested as support. If the ETF closes the trading session near its high-of-day, NUGT will print a bullish Marubozu candlestick, which could indicate higher prices will come again on Monday.</li>
<li>Bearish traders want to see NUGT top out before forming a higher high, to form a higher low, which would negate the uptrend and suggest a downtrend could be on the horizon. Bearish traders can watch for the ETF to form a possible bearish reversal candlestick, such as a doji or shooting star candlestick, under $51.</li>
<li>NUGT has resistance above at $50 and $54.75 and support below at $44.32 and $41.31.</li>
</ul>
<img alt="screenshot_2388.png" src="https://www.benzinga.com/files/u278075/screenshot_2388.png" style="height:427px; width:760px" />
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Photo: Courtesy Unsplash

Bullish On Gold Miners Amid Economic Fears? This ETF Offers 2X Leverage

Direxion Daily Gold Miners Index Bull 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nugt#NYSE">NUGT</a>) gapped up 2.45% higher on Wednesday, where the ETF ran into a group of sellers who knocked it down to trade mostly flat.
Spot gold was ticking slightly higher Wednesday as markets retraced ahead of jobs numbers, which are expected to be released on Friday.
Investors are worried the U.S. may be headed for a recession and are awaiting the Federal Reserve&rsquo;s next rate decision. Jobs numbers on Friday are likely to offer insight into how the Fed will move forward with bringing down inflation. According to Bank of America, two out of three recessionary signs have already occurred. <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/04/31664611/3-signs-a-recession-is-coming-just-1-is-left-before-bank-of-america-sounds-the-alar">Read more here...</a>
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NUGT, which usually trades in tandem with spot gold, has been in an uptrend since March 9, trading higher on bullish momentum.
NUGT is a double-leveraged <a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">fund</a> that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) making up 31.56% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dust#NYSE">DUST</a>).
The NUGT Chart: NUGT&rsquo;s most recent higher low within its uptrend was printed on March 31 at $41.18 and the most recent confirmed higher high was formed at the $41.89 mark three days prior. On Wednesday, NUGT looked to be printing a bearish hanging man candlestick, which could indicate the next higher high has occurred and a retracement is in the cards.
If NUGT trades lower on Thursday, bullish traders can watch for the ETF to eventually print a bullish reversal candlestick, such as a doji or hammer candlestick, to indicate the next higher low has printed and the uptrend will continue. Bearish traders want to see big bearish volume come in and knock NUGT down under the eight-day exponential moving average, which could accelerate a move to the downside and cause the uptrend to negate.
NUGT has resistance above at $50 and $54.75 and support below at $44.32 and $41.31.
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This Leveraged ETF Follows Spot Gold Higher As Recession Worries Persist: A Look At The Chart

Direxion Daily Gold Miners Index Bull 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nugt#NYSE">NUGT</a>) gapped up 3.4% higher on Wednesday, where the ETF ran into a group of sellers who knocked it down over 4% from the open.
Spot gold was rising higher Wednesday as markets tumbled following news Swiss bank Credit Suisse found material weaknesses in its financial reporting over the past two years due to <a href="https://www.benzinga.com/news/23/03/31357630/credit-suisse-plunges-hard-putting-market-rally-at-risk-whats-going-on-with-the-swiss-bank">ineffective internal controls</a>.
Investors are now worried that the financial sector remains on shaky ground after three U.S. banks collapsed <a href="https://www.benzinga.com/government/23/03/31299908/fdic-shuts-down-silicon-valley-bank-here-are-the-details">over the last week</a>.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
Producer price index data, which came in<a href="https://www.benzinga.com/news/23/03/31361574/producer-price-index-unexpectedly-falls-in-february-swinging-market-expectations-toward-federal-rese"> better-than-expected</a>, did little to boost the market. Investors may be choosing to sit on the sidelines until the Federal Reserve issues its decision on rate hikes next week.
In contrast, NUGT, which usually trades in tandem with spot gold, was consolidating slightly lower, likely for technical analysis reasons, because the ETF hasn&rsquo;t traded sideways or slightly down since March 9.
NUGT is a double-leveraged <a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">fund</a> that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) making up 31.56% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to a long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dust#NYSE">DUST</a>).
The NUGT Chart: NUGT negated its downtrend on Monday by rising up above the most recent lower high, which was formed on March 3 at $33.44. Although the downtrend is negated, a new uptrend won&rsquo;t be confirmed until the ETF retraces to print a higher low above $28.74.
When NUGT spiked higher on Monday, the ETF regained the 200-day simple moving average (SMA), which suggests a new bull cycle could be on the horizon. If NUGT retraces to print a higher low over the next few days, bullish traders want to see the ETF form a bullish reversal candlestick, such as a doji or hammer candlestick, above the 200-day SMA, which could provide a solid entry position.
Bearish traders may want to wait for NUGT to rise up to reach the 50-day SMA, which is likely to act as at least temporary resistance. If the ETF rises to that level and prints a bearish reversal candlestick there, it could provide a solid entry into DUST.
NUGT has resistance above at $37.68 and $41.31 and support below at $33 and $28.13.
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News

Looking To Play The Gold Miner Sector To The Upside? This ETF Offers 2X Leverage

Direxion Daily Gold Miners Index Bull 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nugt#NYSE">NUGT</a>) spiked up over 5% at one point on Tuesday.
The short-term rally was in tandem with the S&amp;P 500, which temporarily surged higher between 12:40 p.m. and 12:55 p.m. in a bullish response to Jerome Powell starting a <a href="https://www.benzinga.com/news/23/02/30775031/the-market-cant-make-up-its-mind-neither-can-the-federal-reserve-why-fed-chair-jerome-powell-says-ce">question-and-answer session</a>&nbsp;at the&nbsp;Economic Club in Washington, D.C. By 1:30 p.m. both NUGT and the S&amp;P 500 had retraced the move higher in its entirety and the S&amp;P 500 printed a fresh low-of-day.
Spot gold began trading in a sharp uptrend on Nov. 4, 2022, and on Jan. 4, <a href="https://www.benzinga.com/markets/commodities">the commodity</a> regained the 200-day simple moving average (SMA) as support. Regaining that important bellwether indicator was bullish and the commodity continued upwards in its trend until topping out at the $1,959.74 mark on Feb. 2.
In contrast, NUGT, which usually trades in tandem with spot gold, topped out on Jan. 25 at $46.04, preceding spot gold&rsquo;s bearish reversal.
Whether or not NUGT will continue lower in its new downtrend and enter a bear cycle, or if the ETF is attempting to backtest the 200-day SMA and reverse upwards from the level, has&nbsp;yet to be seen. Mergers and acquisitions have started to take place among&nbsp;gold miners, however, which is generally bullish for the sector.
On Monday, it was announced that&nbsp;Newmont Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) <a href="https://www.benzinga.com/m-a/23/02/30724896/newmont-offers-to-acquire-gold-producer-newcrest-mining">submitted a non-binding proposal</a> to acquire 100% of the issued share capital of Australia-based Newcrest Mining Limited. Traders and investors are hoping the news will kick off a series of mergers and acquisitions among gold miners to lift the sector higher.
<a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">NUGT</a> is a double-leveraged fund that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corp, Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) making up 31.56% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle by experienced traders, as opposed to a long-term investment. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dust#NYSE">DUST</a>).
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The NUGT Chart: NUGT negated its uptrend on Feb. 1 by printing a lower high at $44.99 and on Monday, the ETF formed a lower low, which confirmed a downtrend is in play. If NUGT continues to trade lower over the next few trading days, the high-of-day on Tuesday will serve as the next lower high within the trend.
<ul>
<li>If NUGT falls again on Wednesday and Thursday, the ETF may find support at the 200-day SMA and print a reversal candlestick, such as a <a href="https://www.benzinga.com/money/how-to-read-candlestick-charts">doji or hammer candlestick</a>, at that indicator. If NUGT falls below the 200-day, a longer-term bearish cycle could be on the horizon.</li>
<li>The recent pullback into a downtrend has allowed NUGT&rsquo;s relative strength index (RSI) to drop from about 68% to 42%. When a stock&rsquo;s or ETF&rsquo;s RSI nears or reaches the 70% level, it becomes overbought, which can be a sell signal for technical traders.</li>
<li>Traders who are bullish on the gold mining sector will want to watch for signs the current pullback on NUGT is coming to an end and a bounce is on the horizon. The ETF could be forming the handle of a cup-and-handle pattern, which would be bullish if NUGT eventually breaks up from the downward-sloping channel that makes up the second part of the formation.</li>
<li>NUGT has resistance above at $41.31 and $44.32 and support below at $37.68 and $33.</li>
</ul>
<img alt="nugt_feb._7.png" src="https://www.benzinga.com/files/u278075/nugt_feb._7.png" style="height:427px; width:760px" />
Read Next:&nbsp;<a href="https://www.benzinga.com/23/02/30768122/gold-slipped-down">Gold Slipped Down</a>
Photo: Shutterstock

What To Watch On This 2X Leveraged ETF (NUGT) As Gold Miner Merging Season Kicks Off

Direxion Daily Gold Miners Index Bull 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) closed&nbsp;2.85% higher on Friday, in tandem with the price of spot gold, which has surged about 5% <a href="https://www.benzinga.com/topic/gold">since Jan. 6</a>.
Gold has been trading in a sharp uptrend since Nov. 4, and on Jan. 4, the commodity regained the 200-day simple moving average (SMA) as support, indicating a new bull run could be on the horizon.
NUGT has increased over 9% since Jan. 6, which <a href="https://www.benzinga.com/trading-ideas/long-ideas/22/11/29914148/feeling-bullish-on-newmont-barrick-gold-and-franco-nevada-this-etf-offers-2x-leverage">Benzinga noted was likely to occur on Dec. 22</a>.
Traders who believe the price of gold miner stocks is headed higher still may choose to play the upward&nbsp;trajectory through the Direxion ETF.
NUGT is a double-leveraged <a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">fund</a> that is designed to outperform the NYSE Arca Gold Miners Index by 200%. The ETF tracks several gold and silver mining companies, with Newmont Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Franco-Nevada Corp (TSX: FNV) making up 32.42% of its holdings.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle as opposed to a long-term investment by experienced traders. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low risk appetites.
For traders wanting to play the gold mining index bearishly, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dust#NYSE">DUST</a>).
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The NUGT Chart: NUGT has been trading in a fairly consistent uptrend since Nov. 3, when the ETF reversed course off the $21.70 mark. The most recent higher low was formed on Jan. 5 at $37.65 and the most recent confirmed higher high was printed at the $40.31 mark the day prior.
<ul>
<li>On Friday, NUGT closed the trading session near its high-of-day price, which caused the ETF to print a bullish Marubozu candlestick. The candlestick indicates higher prices may come on Tuesday, but an eventual pullback is likely on the horizon.</li>
<li>A retracement is likely in the cards because NUGT&rsquo;s relative strength index (RSI) is measuring in at abut 71%. When a stock&rsquo;s or ETF&rsquo;s RSI reaches or exceeds the 70% level, it becomes overbought, which can be a sell signal for technical traders. It should be noted that gold&rsquo;s RSI is also in overbought territory.</li>
<li>NUGT has resistance above at $50 and $54.75 and support below at $44.32 and $41.31.</li>
</ul>
<img alt="nugt_jan._15.png" src="https://www.benzinga.com/files/u278075/nugt_jan._15.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/money/best-gold-stocks">Best Gold Stocks Right Now &bull; Updated Daily</a>
Photo via Shutterstock.

As Gold Soars, This 2X Leveraged Fund Is Climbing In Tandem: What To Watch

The&nbsp;Direxion Daily Gold Miners Index Bull 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nugt#NYSE">NUGT</a>) was trading down Thursday, in tandem with <a href="https://www.benzinga.com/topic/precious-metals">spot gold</a>, which was declining about 1.5% to trade <a href="https://www.benzinga.com/money/best-gold-stocks">near the $1,785 mark</a>.
The gold miners sector, which often moves in tandem with gold prices, recently enjoyed a bull cycle that began on Nov. 4 and caused NUGT to soar almost 68% higher between that date and Dec. 13. Since then, NUGT has entered a downtrend.
Since Dec. 1, gold has been trading near the 200-day simple moving average and the commodity most recently crossed above the level on Tuesday. On Thursday, gold was retracing to test the 200-day SMA as support. If it can hold above the area, NUGT could make another run north.
NUGT is a double leveraged <a href="https://www.direxion.com/product/daily-gold-miners-bull-bear-2x-etfs">fund</a> that is designed to outperform the NYSE Arca Gold Miners Index. The ETF tracks a number of gold and silver mining companies through its holdings, with Dreyfus Government Cash Management Funds Institutional weighted at 62.34%.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle as opposed to a long-term investment by experienced traders. Leveraged ETFs should never be used by an investor with a buy and hold strategy or those who have low risk appetites.
For traders who want to play the gold miners sector to the downside, Direxion offers Direxion Daily Gold Miners Index Bear 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dust#NYSE">DUST</a>).&nbsp;
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The NUGT Chart: NUGT reversed into a downtrend on Dec. 13, confirmed by printing a lower high at the $36.12 mark on Wednesday. On Thursday, the ETF fell lower but may have formed a higher low on the daily chart to negate the downtrend.
<ul>
<li>On Thursday, NUGT was working to print a <a href="https://www.benzinga.com/money/how-to-read-candlestick-charts">hammer candlestick</a> on the daily chart, which could indicate higher prices are in the cards for Friday. If that occurs, traders would like to see the ETF surge up above $37, which would confirm a new uptrend.</li>
<li>If NUGT trades higher on Friday, traders want to see the ETF regain the eight-day exponential moving average (EMA) as support. If the ETF can&rsquo;t pop up above the level, the eight-day EMA will cross below the 21-day EMA, which would be bearish.</li>
<li>NUGT has resistance above at $37.68 and $41.31 and support below at $33 and $28.13.</li>
</ul>
<img alt="nugt_dec._22.png" src="https://www.benzinga.com/files/u278075/nugt_dec._22.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/12/29964062/2023-predictions-from-standard-chartered-bitcoin-5-000-gold-soars-and-trouble-for-b">2023 Predictions From Standard Chartered: Bitcoin $5,000, Gold Soars, And Trouble For Biden</a>
Photo via Shutterstock.&nbsp;

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