Miners decline for a third month

The gold miner ETF of GDX ended the month on a bearish note, settling -$0.89 (3.7%) to $23.04, and that resulted in a net March decline of -$3.18 (12.1%). Despite a rough March/Q1, the m/t term outlook remains bullish with Gold.

GDX monthly

GDX daily

Summary

A third consecutive monthly decline for the gold miners, with GDX printing a hyper spike floor of $16.18 - the lowest level since Feb'2016, back when Gold was 1200/1100s. Note monthly volume totaled 2.2bn... a new record.

Cyclically, monthly momentum is set to turn negative at the April 1'st open. However, there is a clear divergence in the macd (black line), and it does support the notion that miners could resume upward with Gold across the spring.

Key components: Barrick Gold (GOLD), and Newmont (NEM).
Of those two, I favour GOLD, but both are superb miners.