Gold Miners Continue To Shine
Nicholas Santiago | May 22, 2012 03:25AM ET
The leading gold mining stocks have been bouncing higher since May 16, 2012. This morning, the Market Vectors Gold Miners ETF (NYSEARCA:GDX) is trading higher by 0.93 cents to $42.55 a share. Short-term traders should watch for intra-day resistance around the $43.00, and $43.50 levels. Traders and investors must remember that the GDX is still trading below the important daily chart 50, and 200 moving averages. This technical position still puts the important ETF in a weak technical position.
Some of the leading gold mining stocks that are trading higher today include Yamana Gold Inc. (USA) (NYSE:AUY), NovaGold Resources Inc. (USA) (NYSEAMEX:NG), and Agnico-Eagle Mines Limited (USA) (NYSE:AEM). All of these leading gold mining stocks are holding up very well on an intra-day basis. Please remember, most of the daily charts of the gold mining stocks are still very vulnerable to declines after this short-term bounce concludes.
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