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