Gold Miners Soar, Are They Extended?
All of the leading gold mining stocks have soared higher over the past month. This morning, the popular Market Vectors Gold Miners ETF(NYSE:GDX) is trading higher by $1.01 to $60.75 a share. The move in the the GDX has been nothing short of sensational, however, price is now very extended, and overbought at this time. The GDX may trade a little bit higher, but whenever a stock or ETF goes straight up the way the GDX has it must pullback or consolidate soon. Traders should look for a pullback in the GDX soon.
Other leading gold mining stocks that are trading higher this morning include Newmont Mining Corp.(NYSE:NEM), Yamana Gold Inc.(NYSE:AUY), and Goldcorp Inc.(NYSE:GG). All of these leading stocks are very extended on the daily chart and may need to pullback soon.