Thursday, 30 September 2021

Miners lower with gold/silver

The gold miner ETF of GDX saw a net September decline of -$3.13 (9.6%) to $29.47. Multi-month price structure is an increasing mess, with the sector massively lagging the main market.

GDX, monthly

 


Summary

September saw the miners break a new multi month low of $28.83. Ongoing short and mid term price action is a bearish leaning mess. Things only turn s/t interesting above the $37s. I would note the 10MA at $33.89. Things turn decisive with a monthly settlement above psy' $40. With just three months left of the year, that looks a stretch.
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Tuesday, 31 August 2021

Miners still struggling

The gold miner ETF of GDX saw a net August decline of -$2.32 (6.6%) to $32.60. Multi-month price structure is an increasing mess, with the sector massively lagging the main market.

GDX, monthly

 


Summary

August saw the miners break a new multi month low, with GDX printing $30.68, if recovering to settle at $32.60. Ongoing s/t price action is a mess. Things only turn interesting above the $37s. I would note the 10MA at $34.39. Things turn decisive with a monthly settlement above psy' $40.

Three of the key miners...

Barrick Gold (GOLD), monthly

 


A net August decline of -$1.60 (7.4%) to $20.07. Monthly momentum ticked downward, and remains on the moderately negative side. The more cautious will have to wait to chase with a decisive push >$23.00.
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Newmont (NEM), monthly

 

A net August decline of -$4.83 (7.7%) to $57.99. Monthly momentum continued to weaken, settling on the moderately negative side. S/t price action is a mess. The more cautious will wait to chase with a break and hold above the July high of $64.71, >65 to be decisive.
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First Majestic Silver (AG), monthly 

 


A net August decline of -$0.79 (5.8%) to $12.91. The sixth monthly decline of seven. Monthly momentum continued to weaken, turning fractionally negative. S/t price action is a mess. The more cautious will wait to chase with a break and hold above the monthly 10MA, currently in the $15s.

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Of the three, yours truly favours GOLD.

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Saturday, 31 July 2021

Miners bounce back

The gold miner ETF of GDX saw a net July gain of +$0.94 (2.8%). Multi-month price structure remains a valid (if overly long) bull flag. Relative to gold and silver, the miners are fairing reasonably well.

GDX, monthly


Summary

July saw the gold and (to a lesser extent) the silver miners bounce back, with GDX printing $32.87, but recovering to settle at $34.92. The s/t outlook is bullish to challenge the key $37s. I would note the 10MA at $34.86. Things turn decisive with a monthly settlement above psy' $40.

Three of the key miners...

Barrick Gold (GOLD), monthly


A net July gain of +$1.09 (5.3%) to $21.77. Monthly momentum ticked upward, but remains on the moderately negative side. Short term bullish, but currently still m/t bearish. The more cautious will wait to chase with a decisive push >$23.00.
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Newmont (NEM), monthly

 

 

A net July decline of -$0.56 (0.9%) to $62.82. Monthly momentum continued to weaken, turning fractionally negative. Short term bullish, but currently still m/t bearish. The more cautious will wait to chase with a break and hold above the July high of $64.71.
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First Majestic Silver (AG), monthly

 


A net July decline of -$2.10 (13.3%) to $13.71. The July candle is spiky from around key price threshold of the $13s. Monthly momentum continued to weaken, settling fractionally positive. Short term bullish, but currently m/t bearish. The more cautious will wait to chase with a break and hold above the July high of $16.09.

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Of the three, yours truly favours GOLD. As of end July, I hold all three.

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