Gold Miners On The Move
Nicholas Santiago | Mar 13, 2013 01:49AM ET
This morning, the leading gold mining stocks are catching a bid higher at the start of the day. Traders can easily track and trade the gold mining stocks by following the Market Vectors Gold Miners ETF (GDX). Today, the GDX is trading higher by 0.90 cents to $37.86 a share. Short term traders should watch for intra-day resistance around the $38.00, and $38.37 levels. The GDX made a high volume outside day on the daily chart of March 6, 2013. Until this low price is breached on a daily chart closing basis the GDX could see further upside.
Some leading gold mining stocks that are catching a bid higher today include Yamana Gold Inc (AUY), Goldcorp Inc (GG), Newmont Mining Corp (NEM), and IAMGOLD Corp (IAG). These leading gold stocks will generally follow the action in the GDX. Currency devaluation can also affect the action in the gold mining stocks.
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