The gold miner ETF of GDX ended the month on a very bearish note, settling -74cents (2.7%) to $26.71, and that resulted in a net September decline of -10.5%. With Gold and Silver breaking new multi-year highs, the m/t term outlook remains extremely bullish.
September saw GDX break a new multi-year high of $30.96, but with Gold and Silver leaning powerfully lower into end month, the miners followed. One down candle does NOT negate a m/t bullish trend. For now, still m/t bullish. That view would only be dropped if Gold trades back under the breakout zone of 1400/1370s, which does not appear likely.
The two biggest components of GDX:
Barrick Gold (GOLD)
Barrick Gold settled -10.6% to $17.33. Monthly price momentum continues to tick higher. Still m/t bullish, with prime target of the 2016 high of $22.78.
Newmont Goldcorp (NEM)
Newmont was resilient to the rest of the sector, settling -4.6% to $37.92. Monthly price momentum continues to tick upward. Still m/t bullish, with prime target of the 2016 high of $43.31, and secondary of psy'50/51 zone.