Miners broadly choppy

The gold miner ETF of GDX ended the month on a bullish note, settling +26cents (0.9%) to $28.99, but that still resulted in a net January decline of -29cents (1.0%). Despite a broadly choppy January, the m/t term outlook for remains bullish.

GDX monthly

GDX, daily

Summary

Despite settling net lower for January, the miners are comfortably m/t bullish, from the key August 2018 low of $17.07. Big target remains the 2016 high of $31.06.

The two biggest components of GDX:

Newmont (NEM)

Settling net higher by a very significant +3.7% to $45.06. Having already cleared the 2016 high (Newmont is ahead of the sector), next target is psy'50, and that looks very viable within Feb'/March.


Barrick Gold (GOLD)

Settling -0.4% at $18.52. Price structure is a multi-month bull flag, with big target of the 2016 high of $22.71.
--
Of the two, yours truly favours GOLD.