This morning, the leading gold mining stocks are making a sharp move higher to start the day. Today, the popular and highly traded Market Vectors Gold Miners ETF (NYSEARCA:GDX) is trading higher by $1.29 to $29.78 a share. The gold mining stocks have been very weak over the past year. Recently, there have been many traders and investors piling in on the short side of the gold mining stocks recently, so any sharp reversal to the upside could cause a short squeeze in this sector. The GDX will have some intra-day resistance around the $30.00 level. Should a short squeeze occur in the gold miners the GDX could trade up to the $33.00 level on the daily chart.
Some of the leading gold mining stocks that are rallying higher today include Randgold Resources Limited (NASDAQ:GOLD), Goldcorp Inc. (NYSE:GG), Newmont Mining Corporation (NYSE:NEM), and Barrick Gold Corporation (NYSE:ABX). All of these stocks will usually trade in tandem with each other. They should all have further upside in the near term on the daily charts.