06Apr11:44 amEST

A Sultry Move in Gold; Chess Moves

I just sold down another piece of of NUGT long at $11.85 from my $10.31 entry last week to scale profits. NUGT is the triple-levered long ETF derived from the GDX, ETF for the senior gold miners. 

I had previously scaled part of the position into initial strength late-last week, and I am now down to 1/3 of my core position size. The original post with my entry is here.  

Overall, I am impressed with the action in the precious metals and mining complex this morning. Silver looks intriguing to me as a potential new long, keying off the SLV ETF.

As for the remainder of my NUGT long, I trailed up my stop-loss to my entry price and will see GDX becomes overbought before closing out the position entirely. 

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