Gold Miners Jump Out Of the Gate
This morning, gold and gold mining stocks are taking off to the upside. The popular Market Vectors Gold Miners ETF(NYSE:GDX) is trading higher by $1.64 to $66.55 a share. Traders must watch the $66.50 and $67.00 levels as short term intra-day resistance. The daily chart on the GDX continues to remain very strong, however, the GDX is starting to get a bit extended and overbought. Whenever, stocks or ETF's get extended on the daily chart they will usually need to pullback or consolidate before moving higher.
Other leading gold mining stocks that are surging higher this morning include Randgold Resources LTD.(NASDAQ:GOLD), Yamana Gold Inc.(NYSE:AUY), and Barrick Gold Corp.(NYSE:ABX). All of these leading mining stocks look very similar to the GDX on the daily chart.