Miners still struggling

The gold miner ETF of GDX saw a net August decline of -$2.32 (6.6%) to $32.60. Multi-month price structure is an increasing mess, with the sector massively lagging the main market.

GDX, monthly

 

Summary

August saw the miners break a new multi month low, with GDX printing $30.68, if recovering to settle at $32.60. Ongoing s/t price action is a mess. Things only turn interesting above the $37s. I would note the 10MA at $34.39. Things turn decisive with a monthly settlement above psy' $40.

Three of the key miners...

Barrick Gold (GOLD), monthly

 

A net August decline of -$1.60 (7.4%) to $20.07. Monthly momentum ticked downward, and remains on the moderately negative side. The more cautious will have to wait to chase with a decisive push >$23.00.
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Newmont (NEM), monthly

 

A net August decline of -$4.83 (7.7%) to $57.99. Monthly momentum continued to weaken, settling on the moderately negative side. S/t price action is a mess. The more cautious will wait to chase with a break and hold above the July high of $64.71, >65 to be decisive.
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First Majestic Silver (AG), monthly 

 

A net August decline of -$0.79 (5.8%) to $12.91. The sixth monthly decline of seven. Monthly momentum continued to weaken, turning fractionally negative. S/t price action is a mess. The more cautious will wait to chase with a break and hold above the monthly 10MA, currently in the $15s.

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Of the three, yours truly favours GOLD.

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Miners bounce back

The gold miner ETF of GDX saw a net July gain of +$0.94 (2.8%). Multi-month price structure remains a valid (if overly long) bull flag. Relative to gold and silver, the miners are fairing reasonably well.

GDX, monthly

Summary

July saw the gold and (to a lesser extent) the silver miners bounce back, with GDX printing $32.87, but recovering to settle at $34.92. The s/t outlook is bullish to challenge the key $37s. I would note the 10MA at $34.86. Things turn decisive with a monthly settlement above psy' $40.

Three of the key miners...

Barrick Gold (GOLD), monthly

A net July gain of +$1.09 (5.3%) to $21.77. Monthly momentum ticked upward, but remains on the moderately negative side. Short term bullish, but currently still m/t bearish. The more cautious will wait to chase with a decisive push >$23.00.
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Newmont (NEM), monthly

 

 

A net July decline of -$0.56 (0.9%) to $62.82. Monthly momentum continued to weaken, turning fractionally negative. Short term bullish, but currently still m/t bearish. The more cautious will wait to chase with a break and hold above the July high of $64.71.
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First Majestic Silver (AG), monthly

 

A net July decline of -$2.10 (13.3%) to $13.71. The July candle is spiky from around key price threshold of the $13s. Monthly momentum continued to weaken, settling fractionally positive. Short term bullish, but currently m/t bearish. The more cautious will wait to chase with a break and hold above the July high of $16.09.

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Of the three, yours truly favours GOLD. As of end July, I hold all three.

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Miners climb for a second month

The gold miner ETF of GDX saw a net April gain of +$1.86 (5.7%). Multi-month price structure remains a valid (if overly long) bull flag. Relative to gold and silver, the miners are fairing well.

GDX, monthly

 

Summary

April was another mixed month for the gold and silver miners, with GDX printing $36.83, but cooling back to settle at $34.36. The s/t outlook is bullish to the $37s. I would note the 10MA at $36.40. Things turn decisive above psy' $40

Two of the key miners...

Barrick Gold (GOLD), monthly

 

A net April gain of +$1.45 (7.3%) to $21.25. Monthly momentum continued to weaken, and remains on the moderately negative side. Short term bullish, but currently still m/t bearish. The more cautious will wait to chase with a break and hold above the 10MA at $24.00.
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First Majestic Silver (AG), monthly 

A net April decline of -$0.49 (3.1%) to $15.09. Momentum ticked lower, but remains on the moderately positive side. I would note the 10MA at $13.62. For now, still short/mid term bullish.

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Of the two, yours truly favours GOLD. As of end April, I hold both.