Market Vectors Gold Miners ETF Are Down, But Not Out For The Count
This morning, spot gold and most of the leading gold mining stocks are trading sharply lower at the start of the trading session. The Market Vectors Gold Mining ETF (NYSE:GDX) is trading lower by 0.62 cents to $24.40 a share. It should be noted that the GDX has sold off sharply since September 19, 2013, this was the day after the Federal Reserve announced that they would not taper their current QE-3 program. The GDX should have some intra-day support around the $24.18 level intra-day. There is also an important gap fill support level from August 8th, 2013 around the $23.94 level. So while the GDX is down it is not yet out for the count.
Some other leading gold mining stocks that are trading lower include Newmont Mining Corporation (NYSE:NEM), Barrick Gold Corporation (NYSE:ABX), and Yamana Gold, Inc. (NYSE:AUY). Please understand that the leading gold mining stocks will often trade inverse to the USD/JPY, so this currency pair should be on the radar.