Gold Miners Signal Short Term Strength

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.

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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