Gold Is Stalling Out Today
The SPDR Gold Shares(NYSE:GLD) is trading lower on the session by 0.19 cents to $126.00 a share. The recent rise in gold has been very strong as of late. This tells us the Federal Reserve Bank will continue to print money and keep the liquidity in the market. The GLD will have intra-day support around the $125.50 area.
Most of the gold mining stocks are all under pressure this morning. Newmont Mining Corp.(NYSE:NEM), and Randgold Resources Ltd.(NASDAQ:NEM) are two leading gold mining stocks that are trading lower this morning. These stock have had a very sharp move higher recently and are short term overbought. Therefore, a pullback in these names is very possible.