Thursday, 31 March 2022

Bullish follow through

The gold miner ETF of GDX saw a net March gain of +$3.97 (11.5%) to $38.35.

GDX, monthly



The miners saw bullish follow through, spiking to $40.26, if cooling back to settle powerfully higher at $38.35. The February break above m/t declining trend has been fully confirmed. I would note the 10MA at $32.61, which was again decisively settled above, as the m/t trend is bullish. Monthly momentum will turn positive at the April 1st open, with next target of the Aug'2020 high of $44.76.

Three of the key miners...

Newmont (NEM), monthly 


Newmont lead the sector upward, breaking a new historic high of $81.14, with a net March gain of +$13.72 (20.9%) to $79.45. I would note the monthly 10MA in the $60s, which was again settled above. Monthly momentum has turned positive.

Barrick Gold (GOLD), monthly


Barrick Gold climbed for a sixth consecutive month, settling +$1.96 (8.7%) to $24.53. Momentum is due to turn positive as of April 1st. Next target is psy' $30. A push above the Aug'2020 high of $30.47 will likely require Gold at least >$2100.

First Majestic Silver (AG), monthly


First Majestic saw a net March gain of +$1.93 (17.1%) to $13.16. March settled above the 10MA. Things turn decisive >$15.00.

Of the three, yours truly currently favours GOLD.

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