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Miners Keep On Chugging

The Market Vectors Gold Miners ETF(NYSE:GDX) made another new high for the year yesterday. This move higher comes as the U.S. Dollar Index declined to a new multi-month low. The GDX remains in a strong technical uptrend trading above the daily chart 20, 50, and 200 moving averages. The next important support level on the daily chart for the GDX will be around the $59.00 level. Intra-day the popular gold mining ETF will face resistance around the $58.00 area and $58.50 level.

Leading gold mining stocks that are trading higher this morning are Newmont Mining Corp.(NYSE:NEM), Agnico Eagle Mines Ltd.(NYSE:AEM), and Goldcorp Inc.(NYSE:GG). Yesterday these stocks all surged sharply higher the next trading session they are likely to rest or pause before trading higher. Therefore, do not expect any major breakouts on these leading mining stocks today.

Nicholas Santiago
Chief Market Strategist