Friday, 29 November 2019

Miners still bullish

The gold miner ETF of GDX ended the month on a bullish note, settling +39cents (1.5%) to $27.05, but that still resulted in a net November decline of $1.10 (3.9%). The m/t term outlook for the miners remains bullish.

GDX monthly



GDX daily



Summary

The miners cooled for the second month of three. Multi-month price structure is a very clean bull flag, as it is for Gold and Silver. First big target for GDX remains the 2016 high of $31.28, when Gold was $1377s. Any price action >32.00 would be decisive, and offer psy'50/52s.

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The two biggest components of GDX:

Newmont Goldcorp (NEM)


A net November decline of -3.3% to $38.44. Note the spike from the 10MA. Monthly price momentum remains moderately bullish. First target is the 2016 high of $43.31, with secondary of psy'50/51.


Barrick Gold (GOLD)


A net November decline of -3.0% to $16.79. Big target remains the 2016 high of $22.71.
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Of the two stocks, I favour Barrick Gold, although there is much to be said for a broad based ETF such as GDX.

Thursday, 31 October 2019

Miners back on the climb

The gold miner ETF of GDX ended the month on a very bullish note, settling +70cents (2.5%) to $28.15, and that resulted in a net October gain of $1.44 (5.4%). With Gold set for new multi-year highs, the m/t term outlook for the miners remains extremely bullish.

GDX monthly



GDX daily



Summary

October saw a new multi-week low of $26.18, but ended on a strong note. The Halloween settlement was notably above the 50dma, and bodes bullish into/across November.

For the month, the miners gained a powerful 5.4%. Multi-month price structure is a bull flag, and it offers broader upside, with next target of the 2016 high of $31.28. Any price action >32s would be decisive, and offer a grander move in 2020 to 50/52.
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The two biggest components of GDX:

Newmont Goldcorp (NEM), monthly


Newmont gained $1.81 (4.8%) to $39.73. The October settlement bodes well for November, with big target of the 2016 high of $43.31, and secondary target of the psy'50/51 zone.


Barrick Gold (GOLD), monthly


Barrick Gold saw a month of relatively tight price action, settling +3cents to $17.36. Multi-month price structure is a bull flag, offering the 2016 high of $22.78.
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Of the two, I favour Barrick, but there is lot to be said for just a broad based ETF like GDX.

Monday, 30 September 2019

Miners cooling with metals

The gold miner ETF of GDX ended the month on a very bearish note, settling -74cents (2.7%) to $26.71, and that resulted in a net September decline of -10.5%. With Gold and Silver breaking new multi-year highs, the m/t term outlook remains extremely bullish.

GDX monthly



GDX daily



Summary

September saw GDX break a new multi-year high of $30.96, but with Gold and Silver leaning powerfully lower into end month, the miners followed. One down candle does NOT negate a m/t bullish trend. For now, still m/t bullish. That view would only be dropped if Gold trades back under the breakout zone of 1400/1370s, which does not appear likely.


The two biggest components of GDX:

Barrick Gold (GOLD)


Barrick Gold settled -10.6% to $17.33. Monthly price momentum continues to tick higher. Still m/t bullish, with prime target of the 2016 high of $22.78.


Newmont Goldcorp (NEM)


Newmont was resilient to the rest of the sector, settling -4.6% to $37.92. Monthly price momentum continues to tick upward. Still m/t bullish, with prime target of the 2016 high of $43.31, and secondary of psy'50/51 zone.

Friday, 30 August 2019

A fourth month higher

The gold miner ETF of GDX ended the month on a positive note, settling +20cents (0.7%) at $29.86, and that resulted in a net August gain of 12.7%. With Gold breaking and holding above the $1500 threshold, the m/t term outlook is extremely bullish.

GDX monthly



GDX daily



Summary

A fourth consecutive net monthly gain for the miners, and the ninth monthly gain of eleven.

The monthly RSI is 69, the highest EVER. Whilst that could deemed as overbought, the m/t outlook for gold and silver is very bullish, and I'm thus dismissive of it.

Soft target for GDX remains the 2016 high of $31.28. Any price action >32 would be decisive, and offer the 50/52 zone in 2020.


Lets take a look at two of the biggest components of GDX...

Newmont Goldcorp (NEM)


A net August gain of $3.37 (9.2%) to $39.89. M/t bullish, with soft target of the 2016 high of $43.47, and secondary of psy'50/51 zone.


Barrick Gold (GOLD)


A third consecutive net monthly gain, settling +$3.15 (19.4%) to $19.38. Soft target is the 2016 high of $22.78, with secondary of the $37s.
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Suffice to add, m/t bullish Gold, Silver, and the related miners into 2020.

Saturday, 29 June 2019

Miners soaring with Gold

The gold miner ETF of GDX ended the month on a positive note, settling +23cents (0.9%) at $25.56, and that resulted in a net monthly gain of 18.4%. With Gold breaking and hold above the $1400 threshold, the m/t term outlook is extremely bullish.

GDX monthly


GDX, daily



Summary

A fourth net monthly gain of six months for the gold miners.

With Gold breaking above the decisive $1400 threshold, the related miners are naturally following.

After a choppy few years, it would seem the time for gold and the miners is now.
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The two biggest components of GDX...

Newmont Goldcorp, monthly



NEM climbed for the 7th month 9, settling +16.7% to $48.37, a decisive settlement above declining trend/resistance. M/t bullish, soft target 50/51s.


Barrick Gold, monthly



GOLD settled +$3.35 (27.0%) to $15.77. Soft target are the $21s.
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Both miners are unquestionably superb, and comprise 11.9% and 10.4% of the ETF of GDX respectively.