Gold Mining Stocks Continue To Sink
The leading gold mining stocks have been declining lower since February 29, 2011. At that time, the Market Vectors Gold Miners ETF (NYSEARCA:GDX) was trading as high as $57.91 a share. This afternoon, the popular GDX is trading lower by 0.73 cents to $49.90 a share. This leading gold mining ETF is now trading below the important 50, and 200 moving averages. This current chart formation puts the GDX in a weak technical chart position. Short term traders can watch for intra-day support around the $49.70, and $49.40 levels.
Some leading gold mining stocks that are coming under some selling pressure today include Newmont Mining Corp (NYSE:NEM), Yamana Gold Inc (NYSE:AUY), and Goldcorp Inc (NYSE:GG). All of these stocks remain weak on the daily charts at this time and look very similar to the GDX.