Analysts See Gold Bottom, Drives Direxion Shares Exchange Traded Fund Trust (NYSEARCA:NUGT) HigherAuthor: Victor AlagbeLast Updated: March 12, 2020 Direxion Shares Exchange Traded Fund Trust skyrocketed in yesterday’s session as the ETF recorded gains of 10.94% to close at $4.26. It appears that the gains will continue into today’s session as the index records a 0.94% gain in pre-market trading to $4.30 this morning. The price of Gold is already 5% down this year but a bullish investor is buying the dip and the contrarian move is sending the shares of Direxion Shares Exchange Traded Fund Trust to the north.A public filing from last Friday showed that investor Stanley Druckenmiller of Duquesne Capital has increased his stake in gold in the second quarter. The filling confirms the notion that the devaluation of the Chinese Yuan might increase the value of gold for its safe haven status.Kevin Chen, co-founder and chief investment officer of U.S.-based hedge fund Three Mountain Capital told the Wall Street Journal that the currently low price of gold might cause the yellow metal to rise as investors but the dip. He says, “We believe that following the recent significant decline of gold prices, there is likely to be more upside than downside for gold.” He has the following to say about the safe-haven status of gold “the safe-haven demand is clearly part of the reason for buyers of gold.”The bullish case for goldLeading the bullish case for gold is Adrian Day of Adrian Day Asset Management who thinks that gold price has fallen to the bottom. In his words on CNBC’c Closing Bell he says, “The sentiment is so overwhelmingly bearish and as a contrarian that makes me optimistic about gold.”The bearish case for goldJohn LaForge of Ned Davis Research who believes that there is just too much gold in circulation is leading the bearish case for Gold. He thinks that the high supply will continue to keep the price of gold down.In his words, “That’s what happens at the end of a supercycle, people tend to overproduce… “Eventually it will balance, but as of right now there is still too much supply”. That’s going to hurt the Direxion Shares Exchange Traded Fund Trust .Direxion Shares Exchange Traded Fund Trust still weak The Direxion Shares Exchange Traded Fund Trust has lost 90.9% in the last one year. It has lost 61.8% in the year-to-date period and it has lost 18.2% in the last one month. The devaluation of the Chinese Yuan has provided tailwinds for the ETF.It gained almost 11% in yesterday’s session and it appears that the gains will gold today. If the situation of things in the Direxion Shares Exchange Traded Fund Trust is in anyway indicative of what could be obtainable in the parallel gold market, then gold prices might see an uptrend soon enough.