The gold miner ETF of GDX saw a
net April gain of +$1.51 (4.8%) to $33.13, helped by higher gold/silver.
GDX, monthly
Summary
The collective of miners were powerfully higher, very resilient to the broadly lower equity market. I would note the 10MA at $29.46, which was settled above. The 2023 high of $35.67, was briefly/marginally exceeded... with an April high of $35.74.
As ever, any main market downside would be a
restraint to the mining stocks, as we saw into end month.
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Three of the key miners...
Newmont (NEM), monthly
Newmont saw a net April gain of +$4.80 (13.4%) to $40.64, on very high vol' of 327M. I
would note the monthly 10MA at $37.58, which was settled above. Monthly
momentum ticked back upward, due to turn positive in May. Soft target $43s, secondary 49/psy'50.
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Barrick Gold (GOLD), monthly
Settling precisely flat for April, at $16.64, on very high vol' of 665M. Momentum ticked upward, settling fractionally positive. Having printed $18.95 in April, next target are the $19s.
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First Majestic Silver (AG), monthly
A net April gain of +$0.79 (13.4%) to $6.67, on very high vol' of 269M. Momentum ticked upward, settling fractionally positive. Big target are the $9.
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Of the three, yours truly favours NEM.
As of end April 2024... I hold a stock-option position in GOLD
For more of the same...
... see > > https://www.tradingsunset.com
