Thursday 30 September 2021

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



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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