Market Insider

Gold miners fall sharply as gold dips below key level

Crushed stones and mined soil are deposited in a pile before being processed at Newmont Mining's Yanacocha gold mine in Cajamarca, Peru, Oct. 21, 2015.
Dado Galdieri | Bloomberg | Getty Images

Shares of gold miners fell in Wednesday morning trade as gold dropped more than 1 percent to below its 50-day moving average, ahead of Fed Chair Janet Yellen's highly anticipated Friday speech.

"The decline in gold today in my mind was mostly technical," Kitco Senior Analyst Jim Wyckoff said.

"Also, the outside markets are in a bearish posture," he said, noting that crude oil prices were lower and the U.S. dollar index was higher.

Gold futures traded below their 50-day moving average of $1,333.70 an ounce for the first time since June 24. The last time gold closed below its 50-day moving average was June 7.