Gold Miners Fall, But Remain Out Of The Ditch
This morning, the leading gold mining stocks are declining at the start of the trading session. This important sector can be followed by viewing the Market Vectors Gold Miners ETF (NYSEARCA:GDX). Today, the GDX is trading lower by 0.50 cents to $28.59 a share. It is important to note that GDX is still trading above its recent low of $26.24 which was made on May 20, 2013. Should the GDX rally from this current level there is still a good chance that the upside gap fill level at $32.22 could still be a possible target. The key for the GDX is to remain above the recent low of $26.24 on a daily chart closing basis. Should price fall below that key low then there could be much further downside in the cards for the GDX. Day traders can watch for intra-day support around the $28.40, and $27.90 levels.
Some leading gold mining stocks that are trading slightly lower today include Randgold Resources Limited (NASDAQ:GOLD), Goldcorp Inc. (NYSE:GG), Yamana Gold, Inc. (NYSE:AUY), and Newmont Mining Corporation (NYSE:NEM). All of these leading gold mining stocks will remain very volatile due to all of the global currency fluctuation that is occurring at this time.