Direxion Daily Gold Miners Index Bull 2X Shares

Spot gold was trading flat Wednesday, continuing to consolidate in a sideways pattern after reaching record highs in April, partly propelled by China escalating its purchases of the commodity. For cyclical investors, spot gold’s consolidation following the metal’s steep bull run could signal that traders will begin switching their focus toward gold miners, the latter which has underperformed the movement of the physical commodity. Direxion Daily Gold Miners Index Bull 2X Shares (ARCA: NUGT) invests in a variety of publicly traded firms with global operations in both developed and emerging markets. These companies are predominantly involved in gold mining, with some also engaged in silver mining, but to a lesser degree. Read Next: As Large-Cap Stocks Take A Breather And The SPY Trades Sideways, Will Small-Cap Stocks Steal The Spotlight? Trending: DOGE Is The 'BTC Of Memes' And These Two Meme Coins Are The ETH And A 'Must Have,' Trader ...Full story available on Benzinga.com

Related tickers: GOLD, NEM, NUGT, FNV.

Spot gold was popping up above 0.5% at one point on Tuesday, propelled by escalating tensions in the Middle East following Tehran’s decision to deploy hundreds of drones and missiles toward Israel on Saturday night. Iran’s move sparked heightened concerns that a widespread regional could break out, which would have broad negative implications for the global economy. Gold’s break higher on Tuesday, which saw the commodity working back toward the April 12 all-time high of $2,431.78, was pulling the gold mining sector north. Read Next: Israel's War Cabinet Vows To Respond 'Clearly And Forcefully' To Iran, G7 Mulls Sanctions On Tehran: Stocks Tumble, Gold Rallies, WTI Tops $85 Trending: Delta Flight Returns To Atlanta After Takeoff: Boeing 757 'Yawing Aggressively' Direxion Daily Gold Miners Index Bull 2X Shares (ARCA: NUGT), which often follows spot gold, was reversing upward from Tuesday’s $35.84 low-of-day. NUGT is a double-leveraged ...Full story available on Benzinga.com

Related tickers: GOLD, NEM, NUGT, FNV.