The gold miner ETF of GDX saw a
net August gain of +$0.70 (1.8%) to $38.62, especially helped by higher gold.
GDX, monthly
Summary
The collective of miners were higher for the fifth month of six, helped by gold, and the positive main market. I
would note the 10MA at $32.66, which was settled above, as the m/t trend is bullish.
Four of the key miners...
Newmont (NEM)
Newmont climbed for a sixth consecutive month, a net August gain of +$4.32 (8.8%) to $53.39. I
would note the monthly 10MA at $40.74, which was settled above. Monthly
momentum ticked upward, and is increasingly positive. Next resistance are the Jan'2023 $56s.
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Barrick Gold (GOLD)
Barrick settled +$1.75 (9.5%) to $18.53. Momentum is increasingly positive. The monthly close >psy' $20 is decisive, and offers the March 2020 $24s.
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First Majestic Silver (AG)
A net August decline of -$0.58 (9.5%) to $5.59, on higher vol' of 145M.
Momentum ticked a touch lower, if remaining marginally positive. Things only turn interesting >$7.00
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Pan American Silver (PAAS)
A net August decline of -$2.69 (11.7%) to $20.21, on higher vol' of 77M. Momentum ticked back a little, and remains on the moderately high side. Big target are the April 2022 $28s
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Of the four, yours truly favours NEM, which has less of a copper component than Barrick.
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