ABX:CC - NUGT: Bullish Gold Miners Heading Into April Improved Momentum
2024-03-09 00:19:44 ET
Summary
- Gold prices have soared to new all-time highs due to lower interest rates and macro tailwinds, along with improved sentiment.
- I have a tactical buy rating on the Direxion Daily Gold Miners Index Bull 2X Shares and highlight key price levels on GDX - NUGT's main holding.
- NUGT is a leveraged ETF with risks associated with daily compounding returns, but improved near-term momentum makes it an appealing investment.
Gold prices are notching all-time highs . Slightly lower interest rates over the past few weeks and a drop back in the US Dollar Index have been macro tailwinds. What's more, as I will detail later, seasonality will soon favor gold mining stocks. So, taking a long position in a leveraged product could be a way to pounce on the opportunity in the precious metals equity space....
NUGT: Bullish Gold Miners Heading Into April, Improved Momentum