Saturday, 1 January 2022

Net 2021 declines for the miners

The gold miner ETF of GDX saw a net December gain of +$0.78 (2.5%) to $32.03, which made for a net 2021 decline -$3.37 (9.5%).

GDX, monthly


Summary

December saw the miners cool to $28.40, but recovering to settle very significantly higher at $32.03. Ongoing short and mid term price action is still a bearish leaning mess. Things turn interesting above m/t declining trend, which in January will be in the upper $34s. I would note the 10MA at $32.76. Things turn decisive with a monthly settlement above $35, which looks just about within range in January.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont printed a spike floor of $52.09, and swung very powerfully upward, with a net December gain of +$7.64 (14.0%) to $62.02. The December candle is bullish engulfing and leans distinctly s/t bullish. I would note the monthly 10MA in the $59s, which was decisively settled above. With a net yearly gain of +7.4%, m/t bullish to challenge the May 2021 historic high of $73.32. Monthly momentum prone to turning positive in March/April.
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Barrick Gold (GOLD), monthly

 


A new multi-year low of $17.27, but recovering to settle +1cent to $19.00. A net yearly decline of -15.1%. Soft target of the $22s, and secondary of the $25s. A push above the Aug'2020 high of $30.47 will likely require Gold at least to >$2100.
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First Majestic Silver (AG), monthly

A net December decline of -$0.81 (6.8%) to $11.11. I would note the December settlement on secondary key price threshold. A net yearly decline of -17.2%. Soft target of the monthly 10MA in the $13s.

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Of the three, yours truly currently favours NEM.
As of Jan'1st 2022, I hold NEM, GOLD, and AG.

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Tuesday, 30 November 2021

Miners mixed in November

The gold miner ETF of GDX saw a net November gain of +$0.10 (0.3%) to $31.81. Multi-month price structure offers a giant ABC bull flag.

GDX, monthly

 


Summary

November saw the miners push to $35.08, but cool back to settle fractionally higher at $31.81. Ongoing short and mid term price action is still a bearish leaning mess. Things turn interesting above m/t declining trend, which in December will be in the low $36s. I would note the 10MA at $33.19. Things turn decisive with a monthly settlement above psy' $37.00, which looks just about within range before year end.
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Friday, 29 October 2021

Miners net higher

The gold miner ETF of GDX saw a net October gain of +$2.24 (7.6%) to $31.71. Multi-month price structure offers a giant ABC bull flag.

GDX, monthly

 


Summary

October saw the miners push to $33.95, but cool back to $31.71. Ongoing short and mid term price action is still a bearish leaning mess. Things turn interesting above m/t declining trend, which in November will be in the mid $36s. I would note the 10MA at $33.46. Things turn decisive with a monthly settlement above psy' $37.50, which looks realistic before year end.
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