Gold Miners Fall, But They Are Not Out For The Count

This morning, just about every leading gold mining stock is trading lower to start the day. Gold futures (GC-Q4) are staging their worst trading day in 2014 declining by $28.00 to $1309.50 an ounce. Traders and investors should now watch for gold mining stocks to form some type of bullish chart pattern before expecting a meaningful bounce. At this time, the popular Market Vectors Gold Miners ETF (NYSEARCA:GDX) is trading lower by 0.46 cents to $26.86 a share. Should the current sell off in the Market Vectors Gold Miners ETF continue the next major support level will be around the 423.50 level. This was a key resistance level for the Market Vectors Gold Miners ETF on June 11, 2014, it will now be a key support level if it is retested.

Some leading gold mining stocks that are trading lower today include Yamana Gold Inc (NYSE:AUY), Randgold Resources Limited (NASDAQ:GOLD), and Agnico Eagle Mines Limited (NYSE:AEM). Generally, most gold mining stocks will trade very closely together. This tells us that these gold mining stocks could also bounce when the GDX hits its next major support level.



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Nick Santiago
Chief Market Strategist
www.InTheMoneyStocks.com