Miners near key support

The gold miner ETF of GDX ended the week on a bearish note, -0.3% at $21.32, and that made for a net weekly decline of -2.1%. Near term outlook is bearish, as Gold has failed to hold the key Dec'2017 low.


GDX weekly

GDX daily

Summary

With gold cooling for a third week, the related miners naturally followed. GDX is nearing core price threshold of $21.00. Any weekly closes <21.00 would be exceptionally bearish. The fact gold recently failed to hold multiple aspects of support is suggestive that GDX will soon be sustainably trading <21.00.
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Two key miners...

Newmont Mining (NEM), monthly

Currently lower for a third month, but holding well above the 2017 lows.
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Barrick Gold (ABX), monthly

Currently -14.5%, having broken below the 2017 lows. Lower wedge/trend support around $10.50.
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NEM and ABX are the two biggest components of the ETF of GDX. They are both superb miners, but with gold, silver, and copper, short/mid term bearish, the cautious will leave both stocks and the sector well alone.

Rough week for miners

The gold miner ETF of GDX ended the week on a bearish note, -0.8% at $21.96, and that made for a net weekly decline of -2.9%. Near term outlook is bearish, as Gold has failed to hold the key Dec'2017 low.


GDX weekly

GDX daily

Summary

With Gold unable to hold the Dec'2017 low of $1238.30, the miners look in serious trouble.

The weekly candle in GDX was of the bearish engulfing type, and that leans s/t bearish. Things will turn VERY bearish with any closes under $21.00, which isn't that far down.

Best miners: NEM and ABX (the two biggest components of GDX), but the cautious will leave the sector well alone, not least with ongoing weakness in gold, silver, and copper.

Miners resilient to gold

The gold miner ETF of GDX ended the week on a weak note, -0.3% at $22.61, but that still made for a net weekly gain of 1.3%. Near term outlook is offering further broad chop. Things will only turn decisively bullish for the miners, with Gold >$1400, and there is zero sign of that any time soon.


GDX weekly

GDX daily

Summary

Suffice to add, I see the sector as highly problematic, as Gold this week came within 50cents of the critical Dec'2017 low of $1238.30. 

Note how GDX on Friday saw a reversal/cooling after filling the price gap. S/t bearish into next week.

More broadly, the miners have been stuck since early 2017. The more cautious will simply leave the sector alone, until a breakout... either side.