The gold miner ETF of GDX saw a net January decline of -$1.80 (5.6%) to $30.23.
GDX, monthly
Summary
January saw the miners cool to $28.87, if recovering to settle rather powerfully lower at $30.23. Ongoing short and mid term
price action is still a bearish
leaning mess. Things turn interesting above m/t declining trend, which
in February will be in the $35s. I
would note the 10MA at $32.59. Things turn decisive with a monthly
settlement above $35, but that looks difficult with the main market prone to lower lows in February.
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Three of the key miners...
Newmont (NEM), monthly
Newmont saw considerable chop, with a net January decline of -$0.85 (1.4%) to $61.17. I
would note the monthly 10MA in the $59s, which was again settled
above. Monthly
momentum prone to turning positive in April/May.
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Barrick Gold (GOLD), monthly
A fourth consecutive month of chop, to settle +15cents to $19.15. Soft target of the
$22s, and secondary of the $25s. A push above the Aug'2020 high of $30.47 will likely require Gold
at least to >$2100.
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First Majestic Silver (AG), monthly
A net January decline of -$0.95 (8.5%) to $10.16.The 10th month lower of 12, with zero sign of a m/t floor.
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Of the three, yours truly currently favours NEM.
As of Jan'31st 2022, I hold NEM, GOLD, and AG.
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