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Market Vectors Gold Miners ETF Message Board

  • bryanleighton bryanleighton Apr 9, 2013 10:45 AM Flag

    Gold Miners Pop Out Of The Gate

    The gold mining stocks have been one of the weakest stock sectors in 2013. This morning, the leading gold mining stocks are all trading higher at the start of the trading session. Traders and investors can track and follow the sector by using the Market Vectors Gold Miners ETF (NYSEARCA:GDX). Today, the GDX is trading higher by 0.71 cents to $35.36 a share. Short term traders should watch for intra-day resistance around the $35.60, and $36.00 levels. The daily chart of the GDX remains in a weak technical position by trading below the important 50, and 200-day moving averages.

    Some of the leading gold mining stocks that are catching a bid higher today include Randgold Resources Ltd (NASDAQ:GOLD), Yamana Gold Inc (NYSE:AUY), IAMGOLD Corp (NYSE:IAG), and Goldcorp Inc (NYSE:GG). All of these stocks have been oversold in the short term so bounces in this sector are possible. Until these stocks can trade back above the daily chart 50-day moving average these stocks should be viewed as short term trading vehicles.

    Nicholas Santiago

    Sentiment: Sell

20.47-0.09(-0.44%)Oct 24 4:00 PMEDT

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