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Gold Miners Try To Claw Out Of A Hole

|Includes: AUY, VanEck Vectors Gold Miners ETF (GDX), GOLD, RGLD

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.

Nicholas Santiago