Quick Win by the Algorithm

On January 2, 2017, the I Know First algorithm had predicted a bullish forecast for Direxion Daily Gold Miners Index Bull 3X Shares (NUGT). NUGT had a signal of 23.88 and a predictability of 0.09. In accordance with the algorithm, the company reported long-position capital gains of 35.08% experiencing a quick win by the algorithm.

Direxion Daily Gold Miners Index Bull 3X Shares (NUGT) seeks daily investment results, before fees and expenses, of 300% of the performance of the NYSE Arca Gold Miners Index.

Recently, the US dollar is on a downtrend, which means that gold is being strengthened. It’s also cheaper for foreign investors as a whole. The reason gold strengthens when the dollar begins to weaken is that investors want more security. Because the dollar weakens, they’re investments aren’t worth as much as they used to. Because gold is a tangible asset that generally holds its value, it is much safer to own than stocks and bonds. Political risk can also fuel the gold market which is currently happening in Europe as well as in the US with the election of Donald Trump. On that note, Donald Trump has also added Mick Mulvaney, a gold and gold miner investor, as budget chief, further fueling the rise in gold.

This bullish forecast on NUGT was sent to current I Know First subscribers on January 2nd, 2017.

Before making any trading decisions, consult the latest forecast as the algorithm constantly updates predictions daily. While the algorithm can be used for intra-day trading the predictability tends to become stronger with forecasts over longer time-horizons such as the 1-month, 3-month and 1-year forecasts.

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