Gold Miners Stall Out, But There Are Still Opportunities
This morning, the major stock indexes are all rallying higher at the start of the trading session, but the gold mining stocks are not participating. Today, the Market Vectors Gold Mining ETF (NYSEARCA:GDX) is trading lower by 0.10 cents to $24.39 a share. Day traders can watch for intra-day support levels around the $24.00, $23.70, and $23.34 levels. The daily chart of the GDX still remains in a vulnerable position by trading below the important 20 and 50-day moving averages. This tells us that swing traders will want to remain very short term as volatility is likely to remain high in the gold mining sector.
Some leading gold mining stocks that are declining lower today include Randgold Resources Limited (NASDAQ:GOLD), Newmont Mining Corporation (NYSE:NEM), and Barrick Gold Corporation (NYSE:ABX). Most of the leading gold mining stocks also remain very weak on the daily charts at this time. Traders and investors must expect this industry group to remain volatile in the near term.