The gold miner ETF of GDX saw a monstrous downside reversal, swinging from a new hist' high of $117.18, to settle -$24.07 (20.8%) to $91.77.
GDX, monthly
Summary
A new hist' high of $117s, but imploding to the $78s, and settling in the $91s. Monthly momentum has rolled over. RSI has cooled to the 67s.
Most notable of all... the March candle is bearish engulfing, and bodes distinctly s/t bearish for April, and perhaps some months.
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Four of the key miners...
Agnico Eagle Mines (AEM)
Agnico broke a new hist' high of $255.24, if cooling back for a net March decline of -$48.17 (19.2%) to $202.98. Monthly momentum has rolled over. Vol' picked up to 69M.
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Newmont (NEM)
Newmont saw a net March decline of -$21.49 (16.6%) to $108.25. The monthly candle is bearish engulfing. Monthly
momentum rolled over. Vol' picked up to 266M
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Barrick Mining (B)
Barrick Mining saw a net March decline of -$9.95 (19.6%) to $40.79. The monthly candle is bearish engulfing. Momentum rolled over. Vol' was a little higher at 338M
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Pan American Silver (PAAS)
Pan American Silver saw a net March decline of -$13.89 (20.3%) to $54.63. Momentum rolled over. Volume was a historic 189M.
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Of the four, yours truly favours Newmont. However, gold, silver, and the miners are short/mid term broken. Based on the monthly candles, even the bold will leave them alone at this time.
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