The gold miner ETF of GDX saw a
net May decline of -$3.26 (9.3%) to $31.73, the sector impacted by weak gold/silver, but also the broader equity market.
GDX, monthly
Summary
The miners saw an early May high of $36.17, but
cooled back to settle powerfully lower at $31.73. I
would note the 10MA at $32.51, which was settled below, as the m/t bullish trend has been broken. Monthly momentum has stalled
just under the key zero threshold. Next target of the Aug'2020 high of
$44.76 looks out of range until at least late summer.
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Three of the key miners...
Newmont (NEM), monthly
Newmont saw a net May decline of -$5.00 (6.9%) to $67.85. I
would note the monthly 10MA at $61.52, which was settled
above. Monthly
momentum weakened, if remaining moderately positive.
--
Barrick Gold (GOLD), monthly
Barrick Gold cooled back to settle -$1.61 (7.3%)
to $20.49. Momentum has turned back to negative. A push above the
Aug'2020 high of $30.47 will likely require Gold >$2100.
--
First Majestic Silver (AG), monthly
First Majestic saw a
net May decline of -$2.32 (22.6%) to $7.97. April's bearish engulfing candle played out. Silver printing the $20s, and the m/t broken main market
sure isn't helping.
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