The gold miner ETF of GDX saw a
net August decline of -$2.47 (9.4%) to $23.80, the sector impacted by further downside in gold/silver, and a m/t bearish equity market.
GDX, monthly
Summary
The miners dug lower for a fifth consecutive month. I
would note the 10MA at $31.04, which was settled below, as the m/t
trend remains bearish. Monthly momentum is increasingly negative, with zero
sign of a floor/turn.
--
Three of the key miners...
Newmont (NEM), monthly
Newmont saw a net August decline of -$3.92 (8.7%) to $41.36, the lowest close since Dec'2019. I
would note the monthly 10MA at $60.48, which was settled far below. Monthly
momentum continues to spiral lower, settling deeply negative.
Barrick Gold (GOLD), monthly
Barrick Gold fell for a fifth consecutive month, settling -$0.68 (4.4%)
to $14.85, the lowest close since May 2019. Momentum is moderately negative.
--
First Majestic Silver (AG), monthly
First Majestic saw a
net August decline of $0.37 (4.9%) to $7.28. Silver $18s, and a m/t bearish main market, aren't helping.
-
For more of the same...
For details > https://www.tradingsunset.com
