Miners remain broadly choppy

The gold miner ETF of GDX ended the month on a positive note, +1.7% at $22.31, but that still resulted in a net monthly decline of -0.1%. Near term outlook is offering further broad chop. Things would turn very bearish if Gold <1230, or bullish >1400.


GDX monthly

GDX daily

Summary

Suffice to add, whilst the week ended on a surprisingly positive note, it was really just another month of chop. Indeed, its now been around 18 months of pretty tight price action. The cautious will leave the sector alone, unless Gold breaks <1230... or >1400.

Best miners: Newmont Mining (NEM) and Barrick Gold (ABX), and both remain the two biggest components of GDX.