Target for $NUGT at different $gold spot prices $GDX $NUGT $JNUG
The ascending triangle in the gold price displayed here:
Has produced the consolidation wedge displayed in the green triangle pattern above in $NUGT.
A return to the recent highs will likely send $NUGT back into the $36 to $38 range.
Gold is, momentarily, no longer inversely correlated with the stock market. Negative real interest rates globally and the inverse correlation with USD is now the primary driving force in the price of gold.
Lower interest rates and (not QE ) QE are repricing the US dollar against major world currencies and gold:
Has produced the consolidation wedge displayed in the green triangle pattern above in $NUGT.
A return to the recent highs will likely send $NUGT back into the $36 to $38 range.
Gold is, momentarily, no longer inversely correlated with the stock market. Negative real interest rates globally and the inverse correlation with USD is now the primary driving force in the price of gold.
Lower interest rates and (not QE ) QE are repricing the US dollar against major world currencies and gold:
