Saturday 30 April 2022

Miners swing lower

The gold miner ETF of GDX saw a net April decline of -$3.36 (8.8%) to $34.99, the sector impacted by weak gold/silver, but also the broader equity market.

GDX, monthly



The miners saw an early April high of $41.60, but cooled back to settle powerfully lower at $34.99. I would note the 10MA at $32.77, which was again settled above, as the m/t trend remains bullish. Monthly momentum has stalled just under the key zero threshold. Next target of the Aug'2020 high of $44.76 looks out of range in the near term, not least considering the main market.

Three of the key miners...

Newmont (NEM), monthly

Newmont broke a new historic high of $86.37, but swung powerfully lower, with a net April decline of -$6.60 (8.3%) to $72.85. I would note the monthly 10MA at $61.85, which was again settled above. Monthly momentum is increasingly positive.

Barrick Gold (GOLD), monthly


Barrick Gold printed $25.99, but cooled back to settle -$2.22 (9.0%) to $22.31. Momentum still turned positive. A push above the Aug'2020 high of $30.47 will likely require Gold  >$2100.

First Majestic Silver (AG), monthly


First Majestic printed $14.59, but swung powerfully lower, seeing a net April decline of -$2.86 (21.7%) to $10.30. The April candle was bearish engulfing, and leans s/t bearish. The m/t broken main market sure isn't helping.

Of the three, yours truly currently favours GOLD.  As at April'29,I hold GOLD and AG.

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