Gold Miners Soar, Are They Extended?

All of the leading gold mining stocks have soared higher over the past month. This morning, the popular Market Vectors Gold Miners ETFGDX is trading higher by $1.01 to $60.75 a share. The move in the the GDX has been nothing short of sensational, however, price is now very extended, and overbought at this time. The GDX may trade a little bit higher, but whenever a stock or ETF goes straight up the way the GDX has it must pullback or consolidate soon. Traders should look for a pullback in the GDX soon. Other leading gold mining stocks that are trading higher this morning include Newmont Mining Corp.NEM, Yamana Gold Inc.AUY, and Goldcorp Inc.GG. All of these leading stocks are very extended on the daily chart and may need to pullback soon. Nicholas Santiago InTheMoneyStocks.com