Tuesday 30 November 2021

Miners mixed in November

The gold miner ETF of GDX saw a net November gain of +$0.10 (0.3%) to $31.81. Multi-month price structure offers a giant ABC bull flag.

GDX, monthly



November saw the miners push to $35.08, but cool back to settle fractionally higher at $31.81. Ongoing short and mid term price action is still a bearish leaning mess. Things turn interesting above m/t declining trend, which in December will be in the low $36s. I would note the 10MA at $33.19. Things turn decisive with a monthly settlement above psy' $37.00, which looks just about within range before year end.

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