Monday, 31 January 2022

Miners cooling back

The gold miner ETF of GDX saw a net January decline of -$1.80 (5.6%) to $30.23.

GDX, monthly


January saw the miners cool to $28.87, if recovering to settle rather powerfully lower at $30.23. Ongoing short and mid term price action is still a bearish leaning mess. Things turn interesting above m/t declining trend, which in February will be in the $35s. I would note the 10MA at $32.59. Things turn decisive with a monthly settlement above $35, but that looks difficult with the main market prone to lower lows in February.

Three of the key miners...

Newmont (NEM), monthly 

Newmont saw considerable chop, with a net January decline of -$0.85 (1.4%) to $61.17. I would note the monthly 10MA in the $59s, which was again settled above. Monthly momentum prone to turning positive in April/May.

Barrick Gold (GOLD), monthly


A fourth consecutive month of chop, to settle +15cents to $19.15. Soft target of the $22s, and secondary of the $25s. A push above the Aug'2020 high of $30.47 will likely require Gold at least to >$2100.

First Majestic Silver (AG), monthly


A net January decline of -$0.95 (8.5%) to $10.16.The 10th month lower of 12, with zero sign of a m/t floor.

Of the three, yours truly currently favours NEM.
As of Jan'31st 2022, I hold NEM, GOLD, and AG.

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