Miners lower with gold/silver

The gold miner ETF of GDX saw a net November decline of -$2.68 (6.6%) to $37.66, dragged down by lower gold/silver.

GDX, monthly 

Summary

The collective of miners saw the first monthly decline since June. I would note the 10MA at $35.47, which was settled above, as the m/t trend remains bullish. 

The ultimate concern is if the main market puts in a m/t top, gold/silver, and the related miners will be prone to being dragged lower. For now... there is ZERO sign of that.
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Four of the key miners...

Newmont (NEM)

Newmont saw a net November decline of -$3.23 (7.1%) to $41.94. I would note the monthly 10MA at $43.00, which was settled beneath. Monthly momentum ticked lower for a second month, if still on the positive side. October's bearish engulfing candle played out.
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Barrick Gold (GOLD)

Barrick settled -$1.72 (8.9%) to $17.49. Momentum ticked lower for a second month, and might turn negative in January. The third consecutive monthly close under psy' $20 is a concern. October's bearish engulfing candle played out.
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First Majestic Silver (AG) 

A net November decline of -$1.26 (17.1%) to $6.11, on high vol' of 204M. Momentum ticked a little lower, and is on the marginally positive side. The effective merger with Gatos Silver (GATO) won't likely be finalised until Q1 2025.

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Pan American Silver (PAAS)

A net November decline of -$1.33 (5.7%) to $21.97, on static vol' of 78M. Momentum ticked a little lower, if remaining on the moderately high side. Big target are the April 2022 $28s. That bullish outlook would be dropped with any monthly close under the key 10MA ($19s).
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Of the four, yours truly favours NEM, which has less of a copper component than Barrick.

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Higher high, higher low

The gold miner ETF of GDX saw a net October gain of +$0.52 (1.3%) to $40.34, helped by higher gold/silver, and a net positive main market. 

GDX, monthly 

Summary

The collective of miners were higher for the seventh month of eight, helped by gold/silver, and the net positive main market. I would note the 10MA at $34.50, which was settled above, as the m/t trend is bullish. 

Thursday Oct'31st saw the miners all lower, largely pressured by the main equity market. The ultimate concern should be... if the main market is close to a m/t top, gold/silver, and the related miners will be prone to being dragged lower.
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Four of the key miners...

Newmont (NEM) 

Newmont printed $58.72, but swung very powerfully lower, a net October decline of -$8.01 (15.0%) to $45.44. I would note the monthly 10MA at $42.42, which was settled above. Monthly momentum ticked back lower, and is on the high side. The monthly candle is bearish engulfing, and bodes net bearish for November. 
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Barrick Gold (GOLD)  

Barrick printed $21.35, but settled -$0.57 (2.9%) to $19.32. Momentum back lower, and is on the moderately high side. The second consecutive monthly close under psy' $20 isn't great, and threatens some cooling to the 10MA in the $17s. The monthly candle is bearish engulfing, and bodes net bearish for November. 
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First Majestic Silver (AG) 

A net October gain of +$1.38 (23.0%) to $7.38, on static vol' of 240M. Momentum ticked a little higher, and is on the marginally positive side. The effective merger with Gatos Silver (GATO) won't likely be finalised until Q1 2025.

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Pan American Silver (PAAS)

 

A net October gain of +$2.54 (12.2%) to $23.41, on static vol' of 75M. Momentum ticked a little higher, if remaining on the moderately high side. Big target are the April 2022 $28s. That bullish outlook would be dropped with any monthly close under the key 10MA ($18s).
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Of the four, yours truly favours NEM, which has less of a copper component than Barrick.

For more of the same... 

Details >>> https://www.tradingsunset.com

Miners higher with gold

The gold miner ETF of GDX saw a net September gain of +$1.20 (3.1%) to $39.82, helped by higher gold/silver, and a positive main market. 

GDX, monthly 

Summary

The collective of miners were higher for the sixth month of seven, helped by gold/silver, and the positive main market. I would note the 10MA at $33.57, which was settled above, as the m/t trend is bullish.

Four of the key miners...

Newmont (NEM) 

Newmont climbed for a seventh consecutive month, a net September gain of +$0.32 (0.6%) to $53.45. I would note the monthly 10MA at $41.94, which was settled above. Monthly momentum ticked upward, and is on the high side. The Jan'2023 $56s have been tested. From there... the $65s. 
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Barrick Gold (GOLD)  

Barrick lagged the sector, settling -$0.30 (1.5%) to $19.89. Momentum ticked upward, and is on the moderately high side. The monthly close under psy' $20 isn't so great, and threatens some cooling to the 10MA in the $17s.
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First Majestic Silver (AG) 

A net September gain of +$0.41 (7.3%) to $6.00, on very high vol' of 240M. Momentum is flat-lining on the marginally positive side. Things only turn interesting >$7.00.  News: an effective merger with Gatos Silver (GATO), although that won't likely be finalised until Q1 2025.

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Pan American Silver (PAAS)

A net September gain of +$0.67 (3.3%) to $20.88, on static vol' of 75M. Momentum ticked lower for a second month, if remaining on the moderately high side. Big target are the April 2022 $28s. That bullish outlook would be dropped with any monthly close under the key 10MA ($18s).
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Of the four, yours truly favours NEM, which has less of a copper component than Barrick.

For more of the same... 

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