Gold Miners on the Move – GDX, GOLD, GG, NEM, ABX

This morning, the leading gold mining stocks are making a sharp move higher to start the day. Today, the popular and highly traded Market Vectors Gold Miners ETF (NYSEARCA:GDX) is trading higher by $1.29 to $29.78 a share. The gold mining stocks have been very weak over the past year. Recently, there have been many traders and investors piling in on the short side of the gold mining stocks recently, so any sharp reversal to the upside could cause a short squeeze in this sector. The GDX will have some intra-day resistance around the $30.00 level. Should a short squeeze occur in the gold miners the GDX could trade up to the $33.00 level on the daily chart.

Some of the leading gold mining stocks that are rallying higher today include Randgold Resources Limited (NASDAQ:GOLD), Goldcorp Inc. (NYSE:GG), Newmont Mining Corporation (NYSE:NEM), and Barrick Gold Corporation (NYSE:ABX). All of these stocks will usually trade in tandem with each other. They should all have further upside in the near term on the daily charts.

About Nicholas Santiago 575 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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