Many of the gold mining stocks that short-term traders and active investors had become accustomed to trading have slipped into bear-market territory with the latest correction. While exchange-traded funds (ETFs) representing these stocks as a whole -- like the Market Vectors Gold Miners ETF (GDX) and the Market Vectors Junior Gold Miners ETF (GDXJ) -- have been in bear-market territory for many months, individual gold mining stocks like Newmont Mining (NEM) and Royal Gold (RGLD) are only recently trading below their 200-day moving averages.

The problem with this is that many traders have a discipline that prevents them from buying stocks and ETFs once they have closed below the 200-day moving average. Fortunately, while this does take many gold miners off the table -- and with them, both of the major gold mining ETFs -- there are a few gold mining stocks pulling back above their 200-day moving averages that short-term traders and active investors may be able to take advantage of over the next few days.

After closing lower for three days in a row, and down nearly 5% in trading on Wednesday, shares of Yamana Gold (AUY) are back in oversold territory above their 200-day moving average. The current sell-off in the stock comes in the wake of a rally to new 52-week highs reached at the end of February. In the first leg down, AUY finished lower for four out of five trading days before a two-day rally sent the stock higher by more than 4.5%.

Shares of Randgold Resources (GOLD) are also trading oversold in bull-market territory. GOLD has finished lower for three sessions in a row, pulling back by 3.5% on Wednesday, and is now at new two-week closing lows. Like Yamana Gold, Randgold was trading in oversold territory as recently as last week, part of the same sell-off that led to rallies in Yamana and other gold stocks.

If trading gaps in stocks and exchange-traded funds is something you'd like to add to your arsenal of trading techniques, the click the link to read about the latest from Larry Connors Trading Strategy Series: How to Trade High Probability Stock Gaps.

David Penn is Editor in Chief of TradingMarkets.com

Disclaimer: The views represented in this column are those of the individual authors only, and do not necessarily represent the views of Schaeffer's Investment Research.