Gold Miners Still Lag the Metal
This morning, the gold mining stocks are trading slightly higher on the trading session. The popular Market Vectors Gold Miners ETF (NYSE:GDX) is trading higher by 0.56 cents to $57.90 a share. Recently, the GDX rolled over on the daily chart after trading as high as $61.71 a share on July 25, 2011. Meanwhile the SPDR Gold Shares (NYSE:GLD) are trading higher by $1.33 to 159.05 a share. This tells us that the gold mining stocks are obviously lagging the precious metal. Traders can watch for intra-day resistance on the GLD around the $58.25 area.
Other leading gold mining stocks that are trading higher this morning include Newmont Mining Corp. (NYSE:NEM), Yamana Gold Corp. (NYSE:AUY), and Agnico Eagle Mines LTD (NYSE:AEM). All of these stocks look to have limited upside on an intra-day basis.