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Gold Miners ETF: Down, But Not Out

Published 10/01/2013, 11:09 AM
Updated 07/09/2023, 06:31 AM

Spot gold and most of the leading gold-mining stocks are trading sharply lower, today. The Market Vectors Gold Miners ETF (GDX) is trading lower by 0.62 cents to $24.40 a share. It should be noted that the GDX has sold off sharply since September 19, the day after the Federal Reserve announced it would not taper the current QE program. The GDX should have some intra-day support around the $24.18 level. There is also an important gap fill support level from August 8, around the $23.94 level. So, while GDX is down, it's not yet out for the count.

Other leading gold mining stocks that are trading lower include Newmont Mining Corporation (NEM), Barrick Gold Corporation (ABX) and Yamana Gold, Inc. (AUY). Please understand that the leading gold mining stocks will often trade inverse to the USD/JPY, so keep an eye on that currency pair.
Market Vectors Gold Miners ETF

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