The gold miner ETF of GDX settled the week on a moderately weak note, -0.4% at $21.49, resulting in a second consecutive net weekly decline of -2.2%. Near term outlook is offering renewed upside. Things turn decisive if Gold >$1400, which would offer hyper upside in GDX to $50 by mid 2019.
Not a great day or week for the gold miners. Indeed, the sector ETF of GDX isn't far from the recent hyper spike low of $20.83. For now... its all to be treated as 'broad chop since early 2017'.
Arguably, the bold will be buying with a stop around core support. whilst the cautious will simply wait to chase when Gold >$1400s and/or GDX >26s.
To be clear, yours truly is seeking an eventual upward break in Gold (and Silver). If correct, the related miners could be expected to naturally follow.
Newmont Mining (NEM), monthly
Newmont is performing far better than the sector, having seen a major bullish breakout in January. For now... its moderately choppy, as Gold is broadly churning in the $1300s.
Barrick Gold (ABX), monthly
Barrick Gold broke a new multi-month low of $11.07 this week. Technically, there isn't any support until psy' $10.00. Cyclically, we're on the moderately low side, but there is currently ZERO sign of a floor/turn.
To be clear, I like both Newmont and Barrick Gold, but the more cautious will simply wait to get involved when Gold breaks above the very important $1400 threshold.