Gold Update, NUGT
In the first chart below, we see gold is enjoying a 16-year uptrend and we see a nearly 6-year downtrend which will be broken if gold is trading above $1300.
Here's a close-up:
On March 5th we suggested NUGT at "around $8".
NUGT went higher and we subsequently suggested a stop at $8.80 to preserve at least a 10% gain or a stop at $8.00 to prevent a win turning into a loss.
NUGT closed Wednesday at $11.20 and if you still hold it we suggest a stop at $10.45
We've had great luck with NUGT, most notably gains of up to 450% last year and additionally roughly another 70% this year.
We remain bullish on gold and silver in the intermediate term, and maintain there's tremendous upside potential if gold is trading above $1300 while silver confirms by trading above $20.
Here's a close-up:
On March 5th we suggested NUGT at "around $8".
NUGT went higher and we subsequently suggested a stop at $8.80 to preserve at least a 10% gain or a stop at $8.00 to prevent a win turning into a loss.
NUGT closed Wednesday at $11.20 and if you still hold it we suggest a stop at $10.45
We've had great luck with NUGT, most notably gains of up to 450% last year and additionally roughly another 70% this year.
We remain bullish on gold and silver in the intermediate term, and maintain there's tremendous upside potential if gold is trading above $1300 while silver confirms by trading above $20.
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posted by C. Guinness @ 4:53 AM
