Saturday 30 May 2020

Miners broadly pushing upward

The gold miner ETF of GDX ended the month on a positive note, settling +32cents (0.9%) to $34.32, and that made for a net May gain of +$2.06 (6.4%). The miners remain m/t bullish with Gold.

GDX, monthly

GDX, daily


A second monthly gain for the gold miners, with a May high of $37.49, the highest since Feb'2013.

S/t vulnerable to the 50dma - not least with a Thursday and Friday black candle, but broadly, the miners are strong. Having cleared the 2016 high, m/t bullish to 50/52.

Key miners...

Newmont (NEM), monthly

A net May decline of -$1.01 (1.7%) to $58.47, but having broken a new historic high of $69.13. The May candle is spiky. S/t over-stretched, with first support of 52/50.

Barrick Gold (GOLD), monthly

A net May decline of -$1.64 (6.4%) to $24.00. The May candle is spiky, and threatens s/t downside, with major support 21/20s.M/t bullish, with soft target of the $37s. New historic highs >50.11, will require Gold sustainably >2K.
Of the two, yours truly favours GOLD, but both are tier'1 quality miners.