The gold miner ETF of GDX ended the month on a positive note, settling +20cents (0.7%) at $29.86, and that resulted in a net August gain of 12.7%. With Gold breaking and holding above the $1500 threshold, the m/t term outlook is extremely bullish.
A fourth consecutive net monthly gain for the miners, and the ninth monthly gain of eleven.
The monthly RSI is 69, the highest EVER. Whilst that could deemed as overbought, the m/t outlook for gold and silver is very bullish, and I'm thus dismissive of it.
Soft target for GDX remains the 2016 high of $31.28. Any price action >32 would be decisive, and offer the 50/52 zone in 2020.
Lets take a look at two of the biggest components of GDX...
Newmont Goldcorp (NEM)
A net August gain of $3.37 (9.2%) to $39.89. M/t bullish, with soft target of the 2016 high of $43.47, and secondary of psy'50/51 zone.
Barrick Gold (GOLD)
A third consecutive net monthly gain, settling +$3.15 (19.4%) to $19.38. Soft target is the 2016 high of $22.78, with secondary of the $37s.
Suffice to add, m/t bullish Gold, Silver, and the related miners into 2020.