NUGT is an ETF on the Gold miners. The price action on this chart is definitely following the price of Gold, as are many of the shares within the ETF.

Gold has been one of the most bullish commodities for 2020, and currently going through a consolidation phase.

If we can see a test of recent lows, as highlighted by the box, and we see buying support at those levels, then this could be an excellent risk reward trading opportunity.

If you are looking to get the entry near support, then look for warning signs that the ETF could break below support and see many stop losses hit.

The other option is to watch for a break above the resistance level and for it to continue higher from there.

NUGT ETF Range Bound Bullish Trade

Dec 22 2020

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