Direxion Daily Gold Miners Index Bull 2X Shares gapped down almost 6% lower on Friday, when the ETF 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.
Direxion Daily Gold Miners Index Bull 2X Shares 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.
Direxion Daily Gold Miners Index Bull 2X Shares 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 ineffective internal controls.
Direxion Daily Gold Miners Index Bull 2X Shares closed 2.85% higher on Friday, in tandem with the price of spot gold, which has surged about 5% since Jan. 6. Gold has been trading in a sharp uptrend since Nov. 4, and on Jan. 4, the commodity regained the 200-day simple moving average as support, indicating a new bull run could be on the horizon.
The Direxion Daily Gold Miners Index Bull 2X Shares was trading down Thursday, in tandem with spot gold, which was declining about 1.5% to trade near the $1,785 mark. 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.
The global transition to alternative energy sources is feeding into early strength for critical minerals. Demand may rise over the coming years. This upside could also spill over into strength for gold.
These were last week’s top performing leveraged and inverse ETFs. Note that because of leverage, these kinds of funds can move quickly. Always do your homework.
These were last week’s top performing leveraged and inverse ETFs. Note that because of leverage, these kinds of funds can move quickly. Always do your homework.
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Commentary
Strength in Critical Minerals Mining May Benefit Gold
ETF Database - 05/15/2023The global transition to alternative energy sources is feeding into early strength for critical minerals. Demand may rise over the coming years. This upside could also spill over into strength for gold.
Top Performing Leveraged/Inverse ETFs: 04/09/2023
ETF Database - 04/11/2023These were last week’s top performing leveraged and inverse ETFs. Note that because of leverage, these kinds of funds can move quickly. Always do your homework.
Top Performing Leveraged/Inverse ETFs: 03/19/2023
ETF Database - 03/21/2023These were last week’s top performing leveraged and inverse ETFs. Note that because of leverage, these kinds of funds can move quickly. Always do your homework.