Trading action among some of the hottest names in the gold space on Monday reveals that traders seem to be taking some profits on winning gold trades. The Market Vectors Gold Miners ETF GDX 5.07% is down 0.2 percent in early trading on Monday after booking 14.3 percent gains in the past five sessions.

The SPDR Gold Trust (ETF) GLD 0.61% is also flat in Monday trading after a 4.5 percent gain in the past week.

For gold miners, the same pattern seems to be holding true. Newmont Mining Corp NEM 4.37% surged more than 12.5 percent in the past week, but is down 1.8 percent on Monday. Barrick Gold Corporation (USA) ABX 5.01%, which had skyrocketed more than 20 percent in the past week, is down 0.4 percent on Monday. Goldcorp Inc. (USA) GG 3.5% is demonstrating the same pattern: up 17.5 percent in a week, but down 1.8 percent on Monday.

For long-term gold bulls, the relatively modest sell-off following such large gains could be seen…

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