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.