Gold Miners Are Stuck In A – GDX, RGLD, GOLD, NEM

This morning, all of the leading gold mining stocks seem to be under some slight selling pressure. The Market Vectors Gold Miners ETF (GDX) is trading lower this morning by 0.34 cents to $55.48 a share. The daily chart for the GDX remains very range bound at this time. The GDX has made a series of lower highs since November 2011 and this is a sign of weakness. The high end of the trading range would be around the $58.00 area, the low end of the range is around the $50.00 level. Short term traders should watch for intra-day support around the $55.00, and $54.00 levels.

Some leading gold mining stocks that are declining lower today include Royal Gold Inc (NASDAQ:RGLD), Randgold Resources Ltd (NASDAQ:GOLD), and Newmont Mining Corp (NYSE:NEM). All of these stocks will usually catch a bid when the U.S. Dollar Index pulls back intra-day.

About Nicholas Santiago 575 Articles


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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