This afternoon, most of the major stock indexes are rallying higher after Ben Bernanke reiterated to the markets that he would continue his easy money policies for the long term. The Dow Jones Industrial Average (DJIA) is trading higher by nearly 200.0 points on the session to 14,100.00. While the stock markets rally there is just one sector that is struggling to catch a bid, gold and gold mining stocks.
Gold did rally sharply higher yesterday, but the precious metal is giving back a fair amount of those gains today. It seems that gold and the gold miners remain in a vulnerable position at this time. The recent lows in the SPDR Gold Trust (ETF) (GLD) is trading lower by $1.83 to $154.40 a share. Short term traders should watch for intra-day support around the $153.85 level. The daily chart of the GLD still has support around the $150.00 level.
The gold mining stocks are also coming under selling pressure today. This sector can be tracked by following the Market Vectors Gold Miners ETF (GDX). Today, the GDX is declining lower by 0.86 cents to $38.19 a share. Short term traders should watch for intra-day support around the $38.10, and $37.85 levels. The daily chart will have support around the $35.50 levels. Some leading gold mining stocks that are falling this afternoon include Royal Gold, Inc (USA) (RGLD), Newmont Mining Corp (NEM), and Barrick Gold Corporation (USA) (ABX).