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 (NYSEARCA: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.