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  • Gold Is Not Participating In The Market Pop 0 comments
    Oct 27, 2011 10:26 AM | about stocks: GLD, DGP, AGQ, GDX, AUY, NEM
    This morning, the popular and highly traded SPDR Gold Shares (NYSE:GLD) is not trading higher with the major stock indexes. The GLD is trading lower by 0.34 cents to $167.07 a share. Over the past five trading days the GLD has soared sharply higher, therefore, today could just be a pause day or a breather from a quick move. Since early September, gold has signaled that the economy is facing deflationary pressures. The GLD bottomed on September 26, 2011 at $154.19 a share which was about a week ahead of the October 4, 2011 stock market bottom. Gold will often lead the stock markets telling traders when the markets are likely to inflate and deflate. The GLD will have intra-day support around the $166.65 area. Should the GLD rally throughout the trading session there will be intra-day resistance around the $168.10, and $169.00 levels.

    The gold miners are trading very similar to the GLD this morning. The Market Vectors Gold Miners ETF (NYSE:GDX) is trading higher by just 0.43 cents to $59.40 a share. Traders can watch for intra-day support around the $57.60 area should the GDX decline from the morning high. Other leading gold miners that are trading lower this morning include Agnico Eagle Mines Ltd (NYSE:AEM), and Newmont Mining Corp (NYSE:NEM). Some leading mining stocks that are trading slightly higher today include Yamana Gold Inc (NYSE:AUY), and Goldcorp Inc (NYSE:GG).

    Nicholas Santiago
    InTheMoneyStocks.com

    Stocks: GLD, DGP, AGQ, GDX, AUY, NEM
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