Wednesday, 30 November 2022

Miners digging upward

The gold miner ETF of GDX saw a net November gain of +$4.89 (20.2%) to $29.05, the sector was helped by a weaker dollar and a positive equity market.

GDX, monthly

 


Summary

The miners managed a third consecutive net monthly gain. I would note the 10MA at $29.42, which was once again settled below, as the m/t trend remains bearish. Monthly momentum ticked upward, and remains on the low side. The weaker dollar and the positive equity market certainly helped.

Miner bulls need to see a decisive push >psy' $30 for confidence, with Gold >$1824 and Silver sustainably >$22.00
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net November gain of +$5.15 (12.2%) to $47.47. The monthly candle is bullish engulfing, and leans distinctly s/t bullish into year end. I would note the monthly 10MA at $55.60, which is a natural target. Monthly momentum is offering a provisional floor/turn.
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Barrick Gold (GOLD), monthly

 


Barrick Gold settled +$1.44 (9.6%) to $16.32. The monthly candle is bullish engulfing, and leans s/t bullish. Momentum ticked upward, as we have a provisional cyclical floor/turn. Soft target is the 10MA in the $18s, and then psy' $20.
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First Majestic Silver (AG), monthly

 


First Majestic saw a net November gain of $0.87 (10.3%) to $9.29. Momentum will be prone to turning positive in January. Soft target are the $11s, which would likely require a positive main equity market, and some degree of upside in silver.
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Of the three, I would favour Barrick Gold, although I'd note it has some distinct exposure (around 30%) to Copper, which itself remains m/t bearish.

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Monday, 31 October 2022

A trivial gain

The gold miner ETF of GDX saw a net October gain of +$0.04 (0.2%) to $24.16, the sector was impacted by further downside in gold, and a m/t bearish equity market.

GDX, monthly

 


Summary

Whilst the miners managed a second consecutive net monthly gain, the m/t trend remains bearish. I would note the 10MA at $29.54, which was once again settled below. Monthly momentum remains strongly negative.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net October gain of +$0.29 (0.7%) to $42.32.  I would note the monthly 10MA at $56.80, which was settled far below. Monthly momentum continues to spiral lower, and is deeply negative.

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Barrick Gold (GOLD), monthly

 


Barrick Gold settled -$0.47 (3.0%) to $15.03. Momentum remains moderately negative.
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First Majestic Silver (AG), monthly

 


First Majestic saw a net October gain of $0.81 (10.6%) to $8.43.

*Further main market downside, or dollar strength aren't going to help any of the gold and silver miners.

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Friday, 30 September 2022

Miners still m/t bearish

The gold miner ETF of GDX saw a net September gain of +$0.32 (1.3%) to $24.12, the sector was impacted by further downside in gold, and a m/t bearish equity market.

GDX, monthly


 Summary

Whilst the miners managed a net monthly gain, the m/t trend remains bearish. I would note the 10MA at $30.33, which was once again settled below. Monthly momentum is increasingly negative, with zero sign of a short/mid term floor.
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Three of the key miners...

Newmont (NEM), monthly 


Newmont saw a net September gain of +$1.22 (3.0%) to $42.03. Despite the net monthly gain, I'd note we're still putting in lower highs and lower lows. I would note the monthly 10MA at $58.60, which was settled far below. Monthly momentum continues to spiral lower, settling deeply negative.

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Barrick Gold (GOLD), monthly

 


Barrick Gold settled +$0.65 (4.4%) to $15.50. Momentum continues to weaken, and is moderately negative.
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First Majestic Silver (AG), monthly

 


First Majestic saw a net September gain of $0.34 (4.7%) to $7.62. In the scheme of things, its a minor gain. 

*Further main market downside, or dollar strength aren't going to help any of the gold and silver miners.

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