Gold Miners Under Pressure

This morning the gold mining stocks are declining sharply lower. The popular Market Vectors Gold Miners ETF (NYSE:GDX) is declining lower by $1.27 to $59.52 a share. The $57.50 area will be minor intra-day support, however, the $59.00 area will be a much stronger intra-day support level and likely short term intra-day bounce level.

Yamana gold Inc. (NYSE:AUY) is another leading gold mining stock that is trading lower this morning by 0.18 cents to $12.75 a share. Yamana stock will have minor intra-day support around the $12.70 area. The stock will have a bit more short term intra-day support around the $12.50 level. Both areas are possible bounce levels.

Agnico-Eagle Mines Ltd. (NYSE:AEM) is declining sharply lower since the opening bell rang at the New York Stock Exchange. AEM stock will have some minor intra-day support around the $70.00 area. The next two important intra-day support levels where the stock may see some small bounces will be around $69.50 and $69.00 respectively.

About Nicholas Santiago 576 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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