Gold Miners Try To Claw Out Of A Hole

The leading gold mining stocks have plummeted lower since since February 29, 2012. At that time, the highly traded Market Vectors Gold Miners ETF (GDX) was trading around the $58.00 level. Yesterday, the GDX traded below the $50.00 area which is a sharp decline in such a short period of time. This morning, the GDX is trading higher by 0.22 cents to $50.34 a share. Short term traders can watch for intra-day resistance around the $50.50, and $51.00 levels. The daily chart is short term oversold, however, it is still in a very weak technical position.

Other leading gold mining stocks that are trading higher include Goldcorp Inc (NYSE:GG), and Yamana Gold Inc (NYSE:AUY). Some leading gold miners that are weak today include Randgold Resources Ltd (NASDAQ:GOLD), and Royal Gold Inc (NYSE:RGLD). All of these leading stocks are very oversold in the near term.

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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