Direxion Daily Gold Miners Index Bull 2XSharesArca
Description
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We're looking to get long this name in the $20 area although there's strong support in the $22 area we think it may overshoot before exploding up with a potential for 500% upside - please keep in mind that this is a LONG TERM trade. #trading #stocks #crypto #fintech #silver
Is it time to enter the long? It's $14 now, how low will it keep going?
purecng
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This stock dropped like you predicted. Any change in the algorithm or insight into how low this may go?
ddelli6
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are you still long here?
Hubris
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Thanks for this update, I am familiar with the name... Is there going to be a catalyst for gold to go up from here to provide the correlation? WW3 or stock collapse or global debt implosion? (I'm not kidding, just fishing for extra insight)..thanks.
NewYork888
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@Hubris, Who knows we're only going by the outlook long term on the chart and feel history will rhyme if not repeat. We'll see. Thanks for the comment.
Hubris
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@london55555, Awesome, about time we had some action in the metals....appreciated.
BobbySpa
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Thanks for your response. I knew some of the answer. The thing I wasn’t sure of is if gdx goes up 10% over two months will this vehicle go up 30%? In theory it should but because of the futures purchases I’m not sure.
BobbySpa
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Funny I looked at the chart of this for the first time today. Why is the all time high as high as it is! It doesn’t correlate with the gdx in any fashion that i can figure out.
NewYork888
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@BobbySpa, Hi thank you for the comment - it doesn't correlate because it's a 3X ETF and each month they are continually buying forward futures so the chart will look out of wack to gold. That's the simple answer for here it's actually a bit more complicated process. Best of luck to you.