Friday, 29 July 2022

Month four down

The gold miner ETF of GDX saw a net July decline of -$1.11 (4.0%) to $26.27, the sector impacted by broadly weak gold/silver.

GDX, monthly


Summary

The miners saw a late July low of $24.38, if recovering to settle at $26.27. I would note the 10MA at $31.78, which was settled below, as the m/t trend remains bearish. Monthly momentum is increasingly negative, with zero sign of a floor/turn.
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Three of the key miners...

Newmont (NEM), monthly 



Newmont saw a net July decline of -$14.39 (24.1%) to $45.28, the lowest close since March 2020! I would note the monthly 10MA at $61.61, which was settled far below. Monthly momentum spiraled lower, settling deeply negative.
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Barrick Gold (GOLD), monthly

 


Barrick Gold fell for a fourth consecutive month, settling -$1.95 (11.0%) to $15.74, the lowest close since July 2019. Momentum is moderately negative.
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First Majestic Silver (AG), monthly

 


First Majestic saw a net July gain of +$0.48 (6.7%) to $7.66. Silver's late month recovery to the $20s especially helped, along with a positive main market.

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Of the three, yours truly favours NEM, if only as its (usually) more resilient than the sector. For more of the same...

 

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Thursday, 30 June 2022

Miners dig lower for a third month

The gold miner ETF of GDX saw a net June decline of -$4.35 (13.7%) to $27.38, the sector impacted by weak gold/silver, but also the broader equity market.

GDX, monthly

 


Summary

The miners saw an early June high of $33.52, but cooled back to settle severely lower at $27.38, the lowest since April 2020. I would note the 10MA at $32.05, which was settled below, as the m/t trend is bearish. Monthly momentum is increasingly negative, with zero sign of a floor/turn. --

Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net June decline of -$7.63 (11.3%) to $59.67. I would note the monthly 10MA at $62.37, which was settled below. Monthly momentum weakened, turning fractionally negative.
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Barrick Gold (GOLD), monthly

 


Barrick Gold fell for a third consecutive month, settling -$2.80 (13.7%) to $17.69. Momentum is increasingly negative.
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First Majestic Silver (AG), monthly

 


First Majestic saw a net June decline of -$0.79 (9.9%) to $7.18. Silver printing the low $20s, and the m/t broken main market sure isn't helping.

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Of the three, yours truly favours NEM, if only as its more resilient than the sector. For more of the same...


For details and the latest offers > https://www.tradingsunset.com

Tuesday, 31 May 2022

Miners still struggling

The gold miner ETF of GDX saw a net May decline of -$3.26 (9.3%) to $31.73, the sector impacted by weak gold/silver, but also the broader equity market.

GDX, monthly

 


Summary

The miners saw an early May high of $36.17, but cooled back to settle powerfully lower at $31.73. I would note the 10MA at $32.51, which was settled below, as the m/t bullish trend has been broken. Monthly momentum has stalled just under the key zero threshold. Next target of the Aug'2020 high of $44.76 looks out of range until at least late summer.
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Three of the key miners...

Newmont (NEM), monthly 

 

 

Newmont saw a net May decline of -$5.00 (6.9%) to $67.85. I would note the monthly 10MA at $61.52, which was settled above. Monthly momentum weakened, if remaining moderately positive.
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Barrick Gold (GOLD), monthly

 


Barrick Gold cooled back to settle -$1.61 (7.3%) to $20.49. Momentum has turned back to negative. A push above the Aug'2020 high of $30.47 will likely require Gold  >$2100.
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First Majestic Silver (AG), monthly

 


First Majestic saw a net May decline of -$2.32 (22.6%) to $7.97. April's bearish engulfing candle played out. Silver printing the $20s, and the m/t broken main market sure isn't helping.

Of the three, yours truly favours NEM, if only as its more resilient than the sector.

For more of the same...


For details and the latest offers > https://www.tradingsunset.com