Thursday morning, many of the leading gold mining stocks traded lower on the session. The popular and highly traded Market Vectors Gold Miners ETF (GDX) is trading lower by 0.77 cents to $52.34 a share. Traders should note that the U.S. Dollar Index caught a bid higher on the day and that put pressure on the gold related stocks. Short-term traders should watch for intra-day support around the $52.10, and $51.75 levels. Should the U.S. Dollar Index trade higher it would be prudent to look for lower prices in the GDX.
Some of the leading gold mining stocks that traded lower Thursday include Newmont Mining Corp (NEM), GoldCorp Inc (GG), Yamana Gold Inc (AUY), and Royal Gold Inc (RGLD). All of these leading gold stocks will usually follow the action in the GDX, however, each stock must be followed individually as they will not always follow the GDX.