Gold Mining Stocks Inch Higher
This morning the gold mining sector is starting the trading day slightly higher. The Market Vectors-Gold Miners ETF(NYSE:GDX) has rallied by more than 15.0 percent since July 28th, 2010 when the ETF was trading as low as $46.80. This leading gold mining ETF looks slightly overbought here and may need to pullback soon or consolidate, however, the trend is very strong and remains nicely intact. Should the GDX pullback or consolidate there will be near term support around the $53.00 level. Intra-day the GDX will have resistance around the $56.10 - $56.50 area.
Newmont Mining Corp.(NYSE:NEM) is the leading gold mining stock in the mining sector. This stock made a short term top on September 22nd, 2010. At this time this pullback looks to be nothing more than possible bullish consolidation after a major move higher. The stock was short term over bought and due for a breather. Should Newmont Mining Corp. pullback further there is a lot of support around the $60.50 - $60.50 level.
There are a few other leading mining stocks that are trading higher this morning such as Agnico Eagle Mines Ltd.(NYSE:AEM), and Yamana Gold Inc.(NYSE:AUY). Remember the mining stocks may need a breather as they have all made a sharp move higher over the past two months.