The gold miner ETF of GDX was lower for the fourth month of five, -$1.35 (1.8%) to $74.10.
GDX, monthly
Summary
A high of $80.18, but cooling back to settle in the low $74s. A second monthly close under
the 10MA. Next big support is around $58. Monthly momentum weakened for a fifth month, and is sustainably negative. RSI has cooled to
the 55s.
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Four of the key miners...
Agnico Eagle Mines (AEM)
Agnico fell for a fifth consecutive month, settling -$9.86 (6.4%) to
$145.27. Next big support is
around $100. Monthly momentum weakened for a fifth month, and is sustainably negative. Vol' declined to 55M
--
Newmont (NEM)
Newmont saw a net July gain of +31cents (0.3%) to $93.71. A second monthly close under the 10MA. Next
big support is around $76. Monthly momentum weakened for a fifth month, and due to turn negative in August. Vol' declined to 161M
--
Barrick Mining (B)
Barrick Mining settled u/c at $36.73. A second monthly close under the 10MA. Next big support is around $27.
Momentum weakened for a fifth month, and due to turn negative in August.
Vol' declined to 174M
--
Pan American Silver (PAAS)
Pan American Silver saw a net July decline of -$1.68 (3.7%) to
$43.11. A second monthly close under the 10MA. Next big support is
around $35. Momentum weakened for a fifth month, and prone to turning
negative in August. Volume declined to 84M
--
Of
the four, yours truly favours Newmont, but the monthly charts offer
zero sign of a floor/turn. Arguably, even the bold will be sitting back,
and waiting for a cyclical turn, which will likely be some months
away.
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