Miners fall into year end

The gold miner ETF of GDX saw a net December decline of -$3.31 (8.9%) to $33.91, dragged down by gold/silver, and the main market.

GDX, monthly 

Summary

The collective of miners dug lower for a second consecutive month. I would note the 10MA at $35.84, which was settled under, as the m/t bullish trend has been broken. 

The ultimate concern should be if (or rather... when) the main market puts in a mid/long term top, gold/silver, and the related miners will be prone to being dragged lower.
-

Four of the key miners...

Newmont (NEM)

Newmont fell for a third month, a net December decline of -$4.72 (11.2%) to $37.22. I would note the monthly 10MA at $43.67, which was settled beneath. Monthly momentum ticked lower for a third month, and is prone to turning negative by Feb'3rd.
--

Barrick Gold (GOLD)

Barrick fell for a fourth month, a net December decline of -$1.99 (11.4%) to $15.50. Momentum ticked lower for a third month, and will likely turn negative as of January 2nd.
--

First Majestic Silver (AG) 

First Majestic fell for a second month, a net December decline of -$0.62 (10.1%) to $5.49, on high vol' of 193M. Momentum ticked a little lower, and prone to turning negative by early Feb'. The effective merger with Gatos Silver (GATO) is due to be finalised within Q1 2025.

--

Pan American Silver (PAAS)

Pan American fell for a second month, a net December decline of -$1.75 (8.0%) to $20.22, on lower vol' of 56M. Momentum ticked a little lower, if remaining on the moderately high side. December's candle is bearish engulfing, with an upper spike... reflective of tired miner bulls.
--

Of the four, yours truly favours NEM, which has less of a copper component than Barrick.

For more of the same... 

Subscription details >>> https://www.tradingsunset.com

Miners lower with gold/silver

The gold miner ETF of GDX saw a net November decline of -$2.68 (6.6%) to $37.66, dragged down by lower gold/silver.

GDX, monthly 

Summary

The collective of miners saw the first monthly decline since June. I would note the 10MA at $35.47, which was settled above, as the m/t trend remains bullish. 

The ultimate concern is if the main market puts in a m/t top, gold/silver, and the related miners will be prone to being dragged lower. For now... there is ZERO sign of that.
-

Four of the key miners...

Newmont (NEM)

Newmont saw a net November decline of -$3.23 (7.1%) to $41.94. I would note the monthly 10MA at $43.00, which was settled beneath. Monthly momentum ticked lower for a second month, if still on the positive side. October's bearish engulfing candle played out.
--

Barrick Gold (GOLD)

Barrick settled -$1.72 (8.9%) to $17.49. Momentum ticked lower for a second month, and might turn negative in January. The third consecutive monthly close under psy' $20 is a concern. October's bearish engulfing candle played out.
--

First Majestic Silver (AG) 

A net November decline of -$1.26 (17.1%) to $6.11, on high vol' of 204M. Momentum ticked a little lower, and is on the marginally positive side. The effective merger with Gatos Silver (GATO) won't likely be finalised until Q1 2025.

--

Pan American Silver (PAAS)

A net November decline of -$1.33 (5.7%) to $21.97, on static vol' of 78M. Momentum ticked a little lower, if remaining on the moderately high side. Big target are the April 2022 $28s. That bullish outlook would be dropped with any monthly close under the key 10MA ($19s).
--

Of the four, yours truly favours NEM, which has less of a copper component than Barrick.

For more of the same... 

Details >>> https://www.tradingsunset.com

Higher high, higher low

The gold miner ETF of GDX saw a net October gain of +$0.52 (1.3%) to $40.34, helped by higher gold/silver, and a net positive main market. 

GDX, monthly 

Summary

The collective of miners were higher for the seventh month of eight, helped by gold/silver, and the net positive main market. I would note the 10MA at $34.50, which was settled above, as the m/t trend is bullish. 

Thursday Oct'31st saw the miners all lower, largely pressured by the main equity market. The ultimate concern should be... if the main market is close to a m/t top, gold/silver, and the related miners will be prone to being dragged lower.
-

Four of the key miners...

Newmont (NEM) 

Newmont printed $58.72, but swung very powerfully lower, a net October decline of -$8.01 (15.0%) to $45.44. I would note the monthly 10MA at $42.42, which was settled above. Monthly momentum ticked back lower, and is on the high side. The monthly candle is bearish engulfing, and bodes net bearish for November. 
--

Barrick Gold (GOLD)  

Barrick printed $21.35, but settled -$0.57 (2.9%) to $19.32. Momentum back lower, and is on the moderately high side. The second consecutive monthly close under psy' $20 isn't great, and threatens some cooling to the 10MA in the $17s. The monthly candle is bearish engulfing, and bodes net bearish for November. 
--

First Majestic Silver (AG) 

A net October gain of +$1.38 (23.0%) to $7.38, on static vol' of 240M. Momentum ticked a little higher, and is on the marginally positive side. The effective merger with Gatos Silver (GATO) won't likely be finalised until Q1 2025.

--

Pan American Silver (PAAS)

 

A net October gain of +$2.54 (12.2%) to $23.41, on static vol' of 75M. Momentum ticked a little higher, if remaining on the moderately high side. Big target are the April 2022 $28s. That bullish outlook would be dropped with any monthly close under the key 10MA ($18s).
--

Of the four, yours truly favours NEM, which has less of a copper component than Barrick.

For more of the same... 

Details >>> https://www.tradingsunset.com