Gold Miners Look Tired – GDX, GOLD, RGLD, GG

All of the leading gold mining stocks have surged higher over the past week. The popular Market Vectors Gold Miners ETF (NYSE:GDX) has rallied higher by over $6.00 since January 25, 2012. This is a very fast move in such a small span of time. Whenever an equity rallies this quickly it will usually need to pullback or consolidate before moving higher. Traders can easily see that the GDX has been halted by the daily chart 200 moving average.

Leading gold mining stocks such as Randgold Resources Ltd (NASDAQ:GOLD), Royal Gold Inc (NASDAQ:RGLD), and Gold Corp Inc (NYSE:GG) are looking very similar to the GDX. These leading gold mining stocks will most likely need to consolidate at this time. Once these stocks can base or consolidate for a while they could be possibly bought again.

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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