Miners cooling back

The gold miner ETF of GDX saw a net May decline of -$2.67 (7.9%) to $30.91, largely due to downside in gold and silver.

GDX, monthly

 

Summary

A new multi-month high of $36.26, but swinging lower to $30.11, and settling at $30.91. I would note the 10MA at $28.45, which was settled above. Monthly momentum ticked lower, but remains positive.

The central concern should be that any renewed downside in the main market would be a downward pressure on the miners. It doesn't necessarily mean they will be net lower, but it does mean they would be restrained to a considerable degree... even if gold/silver are net higher.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net May decline of -$6.38 (13.6%) to $40.55. I would note the monthly 10MA at $44.43, which was settled beneath. Monthly momentum ticked back downward, and remains negative. Support $36s, and then the March 2020 $29s.
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Barrick Gold (GOLD), monthly

 

A net May decline of -$2.05 (10.8%) to $16.88. I'd note the May candle is bearish engulfing, and suggestive of lower lows in June. Momentum ticked back lower, and will be prone to turning negative in June. Support $12s, and then the March 2020 low of $11.72.
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First Majestic Silver (AG), monthly

 

A net May decline of +$1.28 (18.2%) to $5.77. The performance is truly lousy, both to the sector and main market. A sixth consecutive settlement below the 10MA. I'd note the March 2020 low of $4.15... as appears an eventuality.

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Of the three, yours truly favours Newmont, as it has less exposure to copper than Barrick.
As of end May 2023... I hold no miner stocks/options.  

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Miners digging upward

The gold miner ETF of GDX saw a net April gain of +$1.23 (3.8%) to $33.58, largely due to further upside in gold and silver.

GDX, monthly

Summary

The collective of gold/silver miners climbed for the seventh month of eight. I would note the 10MA at $27.94, which was once again settled above. Monthly momentum is increasingly positive.

The only concern is that any renewed downside in the main market would be a downward pressure on the miners. It doesn't necessarily mean they will be net lower, but it does mean they would be restrained to a considerable degree... even if gold/silver are net higher.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net April decline of -$1.62 (3.3%) to $47.40. I would note the monthly 10MA at $45.16, which was settled above. Monthly momentum ticked upward, but remains negative.
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Barrick Gold (GOLD), monthly

 

A net April gain of +$0.47 (2.5%) to $19.04. I'd note the April candle is spiky on the upper side from key price threshold. Momentum has turned fractionally positive.
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First Majestic Silver (AG), monthly

A net April decline of +$0.15 (2.1%) to $7.06. The performance is lousy, relative to both the sector and main market. A fifth consecutive settlement below the 10MA.

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Of the three, yours truly favours Newmont, as it has less exposure to copper than Barrick.
As of end April 2023... I hold no miner stocks/options.  

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Miners higher with Gold & Silver

The gold miner ETF of GDX saw a net March gain of +$4.84 (17.6%) to $32.35, largely due to a major upside reversal in gold and silver.

GDX, monthly

 

Summary

The collective of gold/silver miners climbed for the sixth month of seven. I would note the 10MA at $27.27, which was decisively settled above. Monthly momentum has turned positive.

Any renewed downside in the main market will be a downward pressure on the miners. It doesn't necessarily mean they will be net lower, but it does mean they would be restrained to a considerable degree... even if gold/silver are net higher.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net March gain of +$5.82 (13.5%) to $49.02. I would note the monthly 10MA at $46.18, which was settled above. Monthly momentum ticked upward, but remains negative.
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Barrick Gold (GOLD), monthly

 

A net March gain of +$2.45 (15.2%) to $18.57. I'd especially note the upside reversal is from around the key 10MA. Momentum ticked upward, and is due to turn positive as of April 3rd.
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First Majestic Silver (AG), monthly

 

A net March gain of +$1.12 (18.3%) to $7.21. The gain is impressive, considering the drop to $5.53 on news of a mine being closed. A fourth consecutive settlement below the 10MA.

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Of the three, yours truly favours Newmont, as it has less exposure to copper than Barrick.
As of end March 2023... I hold no miner stocks/options.

For more of the same...

For details and the latest offers > https://www.tradingsunset.com

Miners digging lower

The gold miner ETF of GDX saw a net February decline of -$4.51 (14.1%) to $27.51, largely impacted by a major downside reversal in gold and silver.

GDX, monthly

 

Summary

The collective of gold/silver miners fell for the time in six months. I would note the 10MA at $27.16, which was marginally settled above.

Any further downside in the main market will be a downward pressure on the miners. It doesn't necessarily mean they will be net lower, but it does mean they would be restrained to a considerable degree... even if gold/silver are net higher.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net February decline of -$9.32 (17.6%) to $43.61. I would note the monthly 10MA in the $48s, which was settled back below. Monthly momentum remains negative, and I'd note the March 2020 spike low of $30.11.
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Barrick Gold (GOLD), monthly

 

A net February decline of -$3.31 (17.0%) to $16.12. I'd especially note the reversal is from around key price threshold. Momentum has stalled just under the key zero threshold. Next support are the 13/12s.
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First Majestic Silver (AG), monthly

 

A net February decline of -$1.79 (22.7%) to $6.10. A third consecutive settlement below the 10MA, as the silver miners are massively under-performing the gold miners. The March 2020 low of $4.15 doesn't look a stretch by mid year.

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Of the three, yours truly favours GOLD.
As of end February 2023... I hold no miner stocks/options.

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Miners powerfully higher

The gold miner ETF of GDX saw a net January gain of +$3.36 (11.7%) to $32.02, especially helped with Gold printing the $1950s.

GDX, monthly

 

Summary

The collective of gold/silver miners climbed for a fifth consecutive month. I would note the 10MA at $27.85, which was decisively settled above.

Whilst the miners outperformed the main market, unless you believe the main market has a key m/t floor from early Oct' 2022, any renewed downside will be a major downward pressure on the miners. It doesn't necessarily mean they will be net lower, but it does mean they would be restrained to a considerable degree.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net January gain of +$5.73 (12.1%) to $52.93. I would note the monthly 10MA in the $50s, which was settled above for the first time since May 2022. Monthly momentum remains negative, and I'd note the March 2020 spike low of $30.11.
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Barrick Gold (GOLD), monthly

 

A net January gain of +$2.37 (13.8%) to $19.55. Momentum is due to positive at the Feb'1st open. Next resistance is around $21.00.
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First Majestic Silver (AG), monthly

 

A net January decline of -$0.45 (5.4%) to $7.89. A second consecutive settlement below the 10MA, as the silver miners are massively under-performing the gold miners.

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Of the three, yours truly favours GOLD.
As of end January 2023... I hold no miner stocks/options.

For more of the same...

For details and the latest offers > https://www.tradingsunset.com