Gold Miners Continue To Dig A Hole Lower
This afternoon, all of the leading gold mining stocks are coming under selling pressure. The popular Market Vectors Gold Miners ETF Trust (NYSEARCA:GDX) is trading lower by 0.65 cents to $46.48 a share. The trend on this leading ETF remains down as the GDX price is trading below the daily chart 50, and 200 moving averages. The GDX should have some short term daily chart support around the $45.00 level. Short term traders should watch for intra-day support around the $46.25 area.
Some of the leading gold mining stocks that are falling lower today include Newmont Mining Corp (NYSE:NEM), Goldcorp Inc (NYSE:GG), and Agnico-Eagle Mines Limited (USA) (NYSE:AEM). All of these stocks look very similar to the GDX, therefore, further downside is possible for all of these leading gold mining stocks.