On April 12th I wrote a blog post titled Precious Metals Melt-Down, and How To Manage It. I talked about how gold, silver and gold mining stocks have been flying under the media radar for over a year and that they were not catching the attention of traders, investors and the public anymore. I also said it would take some sharp price action (breakdown or rally) for it to be front and center again on TV, Radio and Newspapers.
This morning, many of the leading gold mining stocks are struggling to catch a bid higher on the session. One of the best ways to follow the gold mining sector is to track the Market Vectors Gold Miners ETF (NYSEARCA:GDX). Today, the GDX is trading lower by 0.11 cents to $42.23 a share. The GDX still looks weak on the daily chart as price is trading below the important 50, and 200-day moving averages. Short term traders should watch for intra-day support around the $42.00, and $41.50 levels. ....
Precious Metals & Miners Making Waves and New Trends
The precious metals sector has been dormant since both gold and silver topped in 2011. But the long term bull market remains intact. As long as we do not have the price of gold close below the lower yellow box on the monthly chart then technical speaking precious metals should continue much higher.
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September – The Best Month To Invest In Gold (Plus An Overview Of The ARTAIS Seasonal Strategy)
Gold Mining Stocks Continue to Disappoint But Not For Long
It is an endless debate for investors interested in gold. Should they buy a direct play on the gold price, either gold bullion itself or even so-called paper gold with an ETF such as the SPDR Gold Shares (NYSEArca: GLD)? Or should they invest into gold equities, particularly the larger, higher quality gold mining companies?
This morning, the leading gold miners are trading higher to start the day. The popular and highly followed Market Vectors Gold Miners ETF (NYSE:GDX) is trading higher by 0.35 cents to $42.63 a share. Short term traders should watch for intra-day resistance around the $42.90, and $43.26 levels. The daily chart of the GDX will have very good support around the $39.50 area should the leading ETF decline from current levels. ...