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.