All of the leading gold mining stocks have soared higher over the past month. This morning, the popular Market Vectors Gold Miners ETF(NYSE:GDX) is trading higher by $1.01 to $60.75 a share. The move in the the GDX has been nothing short of sensational, however, price is now very extended, and overbought at this time. The GDX may trade a little bit higher, but whenever a stock or ETF goes straight up the way the GDX has it must pullback or consolidate soon. Traders should look for a pullback in the GDX soon.
Other leading gold mining stocks that are trading higher this morning include Newmont Mining Corp.(NYSE:NEM), Yamana Gold Inc.(NYSE:AUY), and Goldcorp Inc.(NYSE:GG). All of these leading stocks are very extended on the daily chart and may need to pullback soon.
Nicholas Santiago
InTheMoneyStocks.com
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InTheMoneyStocks.com is a research and consulting company focused on guiding investors, swing traders and day traders to financial success. Their Chief Market Strategists analyze the markets while making calls on everything from stocks to commodities and currencies. Their goal is to not only guide their subscribers but also teach them their proprietary methods leading them to become investing and trading masters.
Nicholas Santiago
