Direxion Daily Junior Gold Miners Index Bull 2X SharesArca
Description
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The government is printing money like it is going out of style right now. The US National debt is almost at 28 TRILLION, which is roughly 128% of our GDP!!! If this does not alarm you I don't know what will. Do you hear any plans to fix this or just hear more plans to spend more money? This problem started when we went away from the gold standard in 1973, at this point the dollar was backed by? NOTHING aka the Fed, who can just print as much as they want. Seriously how is there not a limit to money printing? The value of the USD is now near 5-year lows.
It is for all these reasons that I am a huge Crypto/BTC enthusiast - you can't just print more, there is a finite amount. No one governs it, it is more easily broken down into small quantities, the list of things you can buy is growing, no one person or company controls it, and you know transactions can't be tampered with or changed.
We are here to talk JNUG right? LOL. To me, BTC is the new gold, but that does not mean Gold is going anywhere, they will coexist. The last time I traded JNUG was March 2020 and I experienced exponential gains, this won't be that dramatic, but we have a great opportunity in front of us.
JNUG provides geared exposure (2x) to the Market Vectors Junior Gold Miners Index—a market-cap-weighted index of global gold mining companies that derive at least 50% of their revenue from gold or silver mining activities.
Technical Analysis - Strong Resistance @$94 - We can't break $88 or we break the uptrend and we need to re-do our TA. - Options or share entry @$94-$96 - Price Target #1: $112 (Strong Resistance) - Price Target #2: $131 (Weak Resistance) - Price Target #3: $154 (Strong Resistance) - Price Target #4: $190 (1-Year High)
Nice bounce off $80, uptrend seems to be re-establishing, tracking this week. Will want to see a break back through $88 and close above $88.
ObiWanJacoby93
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Markets looking bloody today, now that we blew through $88, we could be headed down to the next fib ($67). We will want to re-establish a bottom and new uptrend before continuing to cost average in.
kmuchenberger
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I agree with you. I personally will wait for for a Friday weekly closing price above your green down trendline. Then it gets interesting!
ObiWanJacoby93
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Market tanking right now, UVXY and SPXU keeping my portfolio safe. We broke the $94 resistance (bearish), but are still over the $88 trend line (bullish). I've got $93.50 3/26 Calls. For those looking to trade it I'd advise purchasing shares at this level if you want in.