Gold Miners Pullback, Watch these Levels
This morning, most of the leading gold mining stocks are pulling back to start the day. Day traders should watch the Market Vectors Gold Miners ETF (NYSEARCA:GDX) for guidance. Today, the GDX is trading lower by 0.63 cents to $24.25 a share. The intra-day support levels for the GDX are $24.05, $23.30, $23.34, and $22.95. All of these levels could see intra-day bounces if the correct patterns present themselves.
Traders should also note that the gold mining stocks will often trade inversely to the U.S. Dollar Index futures (DX-U3). Today, the U.S. Dollar Index futures are trading higher by 0.26 cents to $83.50 per contract.