Saturday 1 May 2021

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



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.

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.

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