Gold Miners Are Stuck In A Ditch
This morning, all of the leading gold mining stocks seem to be under some slight selling pressure. The Market Vectors Gold Miners ETF (NYSEARCA:GDX) is trading lower this morning by 0.34 cents to $55.48 a share. The daily chart for the GDX remains very range bound at this time. The GDX has made a series of lower highs since November 2011 and this is a sign of weakness. The high end of the trading range would be around the $58.00 area, the low end of the range is around the $50.00 level. Short term traders should watch for intra-day support around the $55.00, and $54.00 levels.
Some leading gold mining stocks that are declining lower today include Royal Gold Inc (NASDAQ:RGLD), Randgold Resources Ltd (NASDAQ:GOLD), and Newmont Mining Corp (NYSE:NEM). All of these stocks will usually catch a bid when the U.S. Dollar Index pulls back intra-day.