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