Miners mixed in November

The gold miner ETF of GDX saw a net November gain of +$0.10 (0.3%) to $31.81. Multi-month price structure offers a giant ABC bull flag.

GDX, monthly

 

Summary

November saw the miners push to $35.08, but cool back to settle fractionally higher at $31.81. Ongoing short and mid term price action is still a bearish leaning mess. Things turn interesting above m/t declining trend, which in December will be in the low $36s. I would note the 10MA at $33.19. Things turn decisive with a monthly settlement above psy' $37.00, which looks just about within range before year end.
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Miners net higher

The gold miner ETF of GDX saw a net October gain of +$2.24 (7.6%) to $31.71. Multi-month price structure offers a giant ABC bull flag.

GDX, monthly

 

Summary

October saw the miners push to $33.95, but cool back to $31.71. Ongoing short and mid term price action is still a bearish leaning mess. Things turn interesting above m/t declining trend, which in November will be in the mid $36s. I would note the 10MA at $33.46. Things turn decisive with a monthly settlement above psy' $37.50, which looks realistic before year end.
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Miners lower with gold/silver

The gold miner ETF of GDX saw a net September decline of -$3.13 (9.6%) to $29.47. Multi-month price structure is an increasing mess, with the sector massively lagging the main market.

GDX, monthly

 

Summary

September saw the miners break a new multi month low of $28.83. Ongoing short and mid term price action is a bearish leaning mess. Things only turn s/t interesting above the $37s. I would note the 10MA at $33.89. Things turn decisive with a monthly settlement above psy' $40. With just three months left of the year, that looks a stretch.
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Miners still struggling

The gold miner ETF of GDX saw a net August decline of -$2.32 (6.6%) to $32.60. Multi-month price structure is an increasing mess, with the sector massively lagging the main market.

GDX, monthly

 

Summary

August saw the miners break a new multi month low, with GDX printing $30.68, if recovering to settle at $32.60. Ongoing s/t price action is a mess. Things only turn interesting above the $37s. I would note the 10MA at $34.39. Things turn decisive with a monthly settlement above psy' $40.

Three of the key miners...

Barrick Gold (GOLD), monthly

 

A net August decline of -$1.60 (7.4%) to $20.07. Monthly momentum ticked downward, and remains on the moderately negative side. The more cautious will have to wait to chase with a decisive push >$23.00.
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Newmont (NEM), monthly

 

A net August decline of -$4.83 (7.7%) to $57.99. Monthly momentum continued to weaken, settling on the moderately negative side. S/t price action is a mess. The more cautious will wait to chase with a break and hold above the July high of $64.71, >65 to be decisive.
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First Majestic Silver (AG), monthly 

 

A net August decline of -$0.79 (5.8%) to $12.91. The sixth monthly decline of seven. Monthly momentum continued to weaken, turning fractionally negative. S/t price action is a mess. The more cautious will wait to chase with a break and hold above the monthly 10MA, currently in the $15s.

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Of the three, yours truly favours GOLD.

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Miners bounce back

The gold miner ETF of GDX saw a net July gain of +$0.94 (2.8%). Multi-month price structure remains a valid (if overly long) bull flag. Relative to gold and silver, the miners are fairing reasonably well.

GDX, monthly

Summary

July saw the gold and (to a lesser extent) the silver miners bounce back, with GDX printing $32.87, but recovering to settle at $34.92. The s/t outlook is bullish to challenge the key $37s. I would note the 10MA at $34.86. Things turn decisive with a monthly settlement above psy' $40.

Three of the key miners...

Barrick Gold (GOLD), monthly

A net July gain of +$1.09 (5.3%) to $21.77. Monthly momentum ticked upward, but remains on the moderately negative side. Short term bullish, but currently still m/t bearish. The more cautious will wait to chase with a decisive push >$23.00.
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Newmont (NEM), monthly

 

 

A net July decline of -$0.56 (0.9%) to $62.82. Monthly momentum continued to weaken, turning fractionally negative. Short term bullish, but currently still m/t bearish. The more cautious will wait to chase with a break and hold above the July high of $64.71.
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First Majestic Silver (AG), monthly

 

A net July decline of -$2.10 (13.3%) to $13.71. The July candle is spiky from around key price threshold of the $13s. Monthly momentum continued to weaken, settling fractionally positive. Short term bullish, but currently m/t bearish. The more cautious will wait to chase with a break and hold above the July high of $16.09.

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Of the three, yours truly favours GOLD. As of end July, I hold all three.

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Miners climb for a second month

The gold miner ETF of GDX saw a net April gain of +$1.86 (5.7%). Multi-month price structure remains a valid (if overly long) bull flag. Relative to gold and silver, the miners are fairing well.

GDX, monthly

 

Summary

April was another mixed month for the gold and silver miners, with GDX printing $36.83, but cooling back to settle at $34.36. The s/t outlook is bullish to the $37s. I would note the 10MA at $36.40. Things turn decisive above psy' $40

Two of the key miners...

Barrick Gold (GOLD), monthly

 

A net April gain of +$1.45 (7.3%) to $21.25. Monthly momentum continued to weaken, and remains on the moderately negative side. Short term bullish, but currently still m/t bearish. The more cautious will wait to chase with a break and hold above the 10MA at $24.00.
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First Majestic Silver (AG), monthly 

A net April decline of -$0.49 (3.1%) to $15.09. Momentum ticked lower, but remains on the moderately positive side. I would note the 10MA at $13.62. For now, still short/mid term bullish.

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Of the two, yours truly favours GOLD. As of end April, I hold both.

Miners fairing well

The gold miner ETF of GDX saw a net March gain of +$1.37 (4.4%). Multi-month price structure remains a valid (if overly long) bull flag. Relative to gold and silver, the miners are fairing well.

GDX, monthly

 

Summary

March was a mixed month for the gold and silver miners, with GDX printing $30.64, but rebounding to settle at $32.50. The s/t outlook is mixed. Things turn interesting >34s, and to be decisive >psy' $40

Three of the key miners...

Newmont (NEM), monthly 

 

A net March gain of  +$6.42 (11.9%) to $60.27, which was just shy of the monthly 10MA at $60.88. Momentum ticked lower, and is fractionally negative. 

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Barrick Gold (GOLD), monthly

 

The first net monthly gain since Aug'2020, settling +$1.13 (6.0%) to $19.80, which was a fifth monthly settlement under the monthly 10MA. Momentum ticked lower, is on the moderately low side.
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Pan American Silver (PAAS), monthly

 

A net March decline of -$2.99 (9.1%) to $30.03, as February's black candle played out. Monthly momentum is set to turn negative in April.
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Of the three, yours truly favours GOLD, but all three are tier'1 quality miners.

Miners struggling with gold

The gold miner ETF of GDX saw a net January decline of -$1.51 (4.2%). Multi-month price structure remains a valid bull flag, as the miners are still mid term bullish with Gold and Silver.

GDX, monthly

 

Summary

January was a mixed month for the gold and silver miners, with GDX printing $39.01, but cooling back to settle at $34.51. The s/t outlook is mixed. If the $33s don't hold, its open air to the $30s. More broadly, having long since cleared the 2016 high, m/t bullish to 50/52, with secondary target of the 2011 historic high of $62.70.

Three of the key miners...

Newmont (NEM), monthly 

 

A net January decline of -29cents (0.5%) to $59.60. S/t vulnerable with the sector. I would note the monthly 10MA in the $61s.
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Barrick Gold (GOLD), monthly

 

A fifth consecutive net monthly decline, settling -$0.41 (1.8%) to $22.37, which was a third monthly settlement under the monthly 10MA. Still m/t bullish, with soft target of the $31s, and secondary of the $36s. New historic highs >$49.63, will clearly require Gold to the $2400/2500 zone.
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Pan American Silver (PAAS), monthly

 

 

A net January decline of -$2.05 (5.9%) to $32.46. I would note another spike from around the monthly 10MA, currently in the $31s. Still m/t bullish, with soft target of the $39s, and secondary of psy'50. The latter will arguably require silver to at least the 35/37 zone.

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Of the three, yours truly favours GOLD, but all three are tier'1 quality miners.      

Miners positive for 2020

The gold miner ETF of GDX saw a net December gain of +$1.52 (4.4%), which made for a net yearly gain of +23.7%, as the miners remain mid term bullish with Gold and Silver.

GDX, monthly

 

Summary

December was a somewhat mixed month for the gold/silver miners, with GDX printing $34.08, but recovering to the low $36s. The s/t outlook is bullish to test soft resistance of the $38s. More broadly, having long since cleared the 2016 high, m/t bullish to 50/52, with secondary target of the 2011 historic high of $62.70.

Three of the key miners...

Newmont (NEM), monthly 

A net December gain of +$1.46 (2.5%) to $59.89. S/t bullish with the sector, and I would note the monthly 10MA in the $57s. With a net yearly gain of +40.3%, m/t bullish to giant psy'100.
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Barrick Gold (GOLD), monthly

 

A fourth consecutive net monthly decline, settling -$0.36 (1.6%) to $22.78, which was a second monthly settlement under the monthly 10MA. A net yearly gain of +24.1%, as multi-month price structure remains a bull flag. Still m/t bullish, with soft target of the $31s, and secondary of the $36s. New historic highs >$49.63, will clearly require Gold at least to $2400/2500.
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Pan American Silver (PAAS), monthly

A net December gain of +$4.98 (16.9%) to $34.51. S/t bullish with the sector. I would note the double spike from around the monthly 10MA, currently in the $29s. With a net yearly gain of +46.8%, m/t bullish, with soft target of the $39s, and secondary of psy'50. The latter would arguably require silver to 35/37.

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Of the three, yours truly favours GOLD, but all three are tier'1 quality miners.