InTheMoneyStocks Pro Traders Market Analysis

[ITMS]

Gold Miners Try To Dig Out The Ditch


Throughout this week, the leading gold mining stocks have come under heavy selling pressure. The Market Vectors Gold Miners ETF (NYSEARCA:GDX) has declined from $56.00 a share on December 12, 2011 down as low as $51.57 a share yesterday. That is a major drop for the ETF in less than a week by anyone’s standards. This morning, the GDX is trading higher by $1.05 to $52.75 a share. The daily chart is short term oversold so a near term technical bounce should not be ruled out. The GDX also has a lot of short term daily chart support around the October lows. Traders can watch for intra-day support on the GDX around the $53.25, and $54.00 levels. ...continue reading here:http://bit.ly/t9ZssI