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.
--
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.
--
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.
--
Of the three, yours truly favours GOLD.
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