Miners end the month poorly

The gold miner ETF of GDX ended the month on a powerfully bearish note, settling -$1.93 (6.9%) to $26.22, and that resulted in a net February decline of -$2.77 (9.6%). Despite a major reversal, the m/t term outlook remains bullish.

GDX monthly

GDX daily

Summary

With Gold printing the $1691s, GDX broke above the 2016 high, with a high of $31.84. Yet... with Gold being whacked to the $1564s into end month, the miners settled February on a very bearish note.

The February candle is of the bearish engulfing type, and leans s/t bearish. I am still m/t bullish gold, and by default, the related miners.
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The two biggest components of GDX:

Newmont (NEM)

Recent earnings were good, with Newmont breaking a high of $51.34. The month ended badly though, with Newmont seeing a net decline of -0.9% to $44.63. The February candle is extremely spiky from key price threshold of psy'50, and it leans s/t bearish. Still m/t bullish.


Barrick Gold (GOLD)

Recent earnings were good. Barrick Gold pushed to $22.50, but ended the month far below the high, settling +3.1% at $19.04. The February candle is very spiky from key price threshold, and leans s/t bearish.
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Of the two, yours truly favours GOLD.

Miners broadly choppy

The gold miner ETF of GDX ended the month on a bullish note, settling +26cents (0.9%) to $28.99, but that still resulted in a net January decline of -29cents (1.0%). Despite a broadly choppy January, the m/t term outlook for remains bullish.

GDX monthly

GDX, daily

Summary

Despite settling net lower for January, the miners are comfortably m/t bullish, from the key August 2018 low of $17.07. Big target remains the 2016 high of $31.06.

The two biggest components of GDX:

Newmont (NEM)

Settling net higher by a very significant +3.7% to $45.06. Having already cleared the 2016 high (Newmont is ahead of the sector), next target is psy'50, and that looks very viable within Feb'/March.


Barrick Gold (GOLD)

Settling -0.4% at $18.52. Price structure is a multi-month bull flag, with big target of the 2016 high of $22.71.
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Of the two, yours truly favours GOLD.