Where NUGT May Bottom

Mike Paulenoff MPtrader

Gold and The Gold Miners go down just about every day, but not yet every minute of every day. For the past year, my thesis on the Miners has been-- and continues to be-- that The Street would come for them as the bull market matures, eventual sector rotation into "cheaper," under-owned names from expensive ones, and as domestic and geo-politics deteriorated into nastiness.

Certainly, those conditions or requisites are more prevalent now than they were 8, or 10, or 12 months ago. Of course, all we hear about is Bitcoin, which is sucking the air out of the room, and sucking capital out of the precious metals.

Be that as it may, the enclosed four hour chart of NUGT shows the decline off of the 9/07 rally high at 44.03 is nearing its exact three month mark tomorrow, and has pressed NUGT to a low of 25.03, or a relentless 44% "haircut." Let's notice that the price structure is pointing to a next downside target zone of 23.80 to 23.00 (with downside overshoot to 22), which represents the next area from where I will be expecting new buying interest that precipitates a vicious upside reversal that initiates a powerful recovery (short covering) rally.

Author

Mike Paulenoff

MPtrader

Michael Paulenoff has been a student of and a participant in the world financial markets for the past 26 years, since his graduation from the Georgetown University School of Foreign Service in 1979.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.