Gold Miners On The Move
This morning, the leading gold mining stocks are catching a bid higher at the start of the day. Traders can easily track and trade the gold mining stocks by following the Market Vectors Gold Miners ETF (NYSE:GDX). Today, the GDX is trading higher by 0.90 cents to $37.86 a share. Short term traders should watch for intra-day resistance around the $38.00, and $38.37 levels. The GDX made a high volume outside day on the daily chart of March 6, 2013. Until this low price is breached on a daily chart closing basis the GDX could see further upside.
Some leading gold mining stocks that are catching a bid higher today include Yamana Gold Inc (NYSE:AUY), Goldcorp Inc (NYSE:GG), Newmont Mining Corp (NYSE:NEM), and IAMGOLD Corp (NYSE:IAG). These leading gold stocks will generally follow the action in the GDX. Currency devaluation can also affect the action in the gold mining stocks.