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Gold Mining Stocks Soar, Know This Level

|Includes: VanEck Vectors Gold Miners ETF (GDX)

This morning, the leading gold mining stocks are soaring higher to start the trading day. Leading gold mining stocks such as Newmont Mining Corp (NYSE:NEM), Barrick Gold Corporation (NYSE:USA) (NYSE:ABX), and Goldcorp Inc. (USA) (NYSE:GG) are all higher by more than 4.0 percent on the trading session. This important industry group has been rallying lately from a severely oversold condition.

Traders that want to follow the entire gold mining sector can follow the Market Vectors Gold Miners ETF (NYSEARCA:GDX). Today, the GDX is trading higher by $1.34 to $27.81 a share. Short term day traders should watch for intra-day resistance around the $28.38 level. This is an important resistance level where the GDX can pull back on the session.

Nicholas Santiago