Now is the time to scale into this issue. The volume over the past 2 weeks on the weekly candle chart is impressive. Look at the $GDM weekly charts too, not only NUGT. Could be setting up an island (on dailies) or doji bottom, depending how this plays out. There has been only one other gap down on the weekly candles on the $GDM over the past 3 years and that was filled rather quickly (See December 2011). If you're a risk versus reward trader then I think reward far outweighs risk here now, as far as the technicals are concerned.