Gold Miners Pullback, Watch These Levels
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
InTheMoneyStocks.com
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.