Friday 30 September 2022

Miners still m/t bearish

The gold miner ETF of GDX saw a net September gain of +$0.32 (1.3%) to $24.12, the sector was impacted by further downside in gold, and a m/t bearish equity market.

GDX, monthly


 Summary

Whilst the miners managed a net monthly gain, the m/t trend remains bearish. I would note the 10MA at $30.33, which was once again settled below. Monthly momentum is increasingly negative, with zero sign of a short/mid term floor.
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Three of the key miners...

Newmont (NEM), monthly 


Newmont saw a net September gain of +$1.22 (3.0%) to $42.03. Despite the net monthly gain, I'd note we're still putting in lower highs and lower lows. I would note the monthly 10MA at $58.60, which was settled far below. Monthly momentum continues to spiral lower, settling deeply negative.

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Barrick Gold (GOLD), monthly

 


Barrick Gold settled +$0.65 (4.4%) to $15.50. Momentum continues to weaken, and is moderately negative.
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First Majestic Silver (AG), monthly

 


First Majestic saw a net September gain of $0.34 (4.7%) to $7.62. In the scheme of things, its a minor gain. 

*Further main market downside, or dollar strength aren't going to help any of the gold and silver miners.

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