This morning, the Market Vectors Gold Miners ETF (NYSEARCA:GDX) is trading higher by 0.36 cents to $44.60 a share. The GDX has been rallying higher over the past week. Traders must remember that the GDX is still trading around the important daily chart 50-day moving average which puts the leading ETF in a weak technical position. Should the GDX close above the $45.57 resistance level the next important daily chart resistance point would be around the $46.70 area. Short term day traders can watch for intra-day resistance around the $45.00, and $45.57 levels.
Some leading gold miners that are climbing higher today are Newmont Mining Corp (NYSE:NEM), Yamana Gold Inc (NYSE:AUY), and Royal Gold Inc (NASDAQ:RGLD). All of these stocks could still have a little more upside on the daily charts. Traders should follow the GDX closely as this sector will often trade in tandem with each other.
