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Gold Miners Pullback, Watch These Levels

Jul. 02, 2013 11:09 AM ETGDX
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This morning, most of the leading gold mining stocks are pulling back to start the day. Day traders should watch the Market Vectors Gold Miners ETF (NYSEARCA:GDX) for guidance. Today, the GDX is trading lower by 0.63 cents to $24.25 a share. The intra-day support levels for the GDX are $24.05, $23.30, $23.34, and $22.95. All of these levels could see intra-day bounces if the correct patterns present themselves.

Traders should also note that the gold mining stocks will often trade inversely to the U.S. Dollar Index futures (DX-U3). Today, the U.S. Dollar Index futures are trading higher by 0.26 cents to $83.50 per contract.

Nicholas Santiago

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