Miners dig lower for a third month

The gold miner ETF of GDX saw a net June decline of -$4.35 (13.7%) to $27.38, the sector impacted by weak gold/silver, but also the broader equity market.

GDX, monthly

 

Summary

The miners saw an early June high of $33.52, but cooled back to settle severely lower at $27.38, the lowest since April 2020. I would note the 10MA at $32.05, which was settled below, as the m/t trend is bearish. Monthly momentum is increasingly negative, with zero sign of a floor/turn. --

Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net June decline of -$7.63 (11.3%) to $59.67. I would note the monthly 10MA at $62.37, which was settled below. Monthly momentum weakened, turning fractionally negative.
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Barrick Gold (GOLD), monthly

 

Barrick Gold fell for a third consecutive month, settling -$2.80 (13.7%) to $17.69. Momentum is increasingly negative.
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First Majestic Silver (AG), monthly

 

First Majestic saw a net June decline of -$0.79 (9.9%) to $7.18. Silver printing the low $20s, and the m/t broken main market sure isn't helping.

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Of the three, yours truly favours NEM, if only as its more resilient than the sector. For more of the same...

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

Miners still struggling

The gold miner ETF of GDX saw a net May decline of -$3.26 (9.3%) to $31.73, the sector impacted by weak gold/silver, but also the broader equity market.

GDX, monthly

 

Summary

The miners saw an early May high of $36.17, but cooled back to settle powerfully lower at $31.73. I would note the 10MA at $32.51, which was settled below, as the m/t bullish trend has been broken. Monthly momentum has stalled just under the key zero threshold. Next target of the Aug'2020 high of $44.76 looks out of range until at least late summer.
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Three of the key miners...

Newmont (NEM), monthly 

 

 

Newmont saw a net May decline of -$5.00 (6.9%) to $67.85. I would note the monthly 10MA at $61.52, which was settled above. Monthly momentum weakened, if remaining moderately positive.
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Barrick Gold (GOLD), monthly

 

Barrick Gold cooled back to settle -$1.61 (7.3%) to $20.49. Momentum has turned back to negative. A push above the Aug'2020 high of $30.47 will likely require Gold  >$2100.
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First Majestic Silver (AG), monthly

 

First Majestic saw a net May decline of -$2.32 (22.6%) to $7.97. April's bearish engulfing candle played out. Silver printing the $20s, and the m/t broken main market sure isn't helping.

Of the three, yours truly favours NEM, if only as its more resilient than the sector.

For more of the same...

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

Miners swing lower

The gold miner ETF of GDX saw a net April decline of -$3.36 (8.8%) to $34.99, the sector impacted by weak gold/silver, but also the broader equity market.

GDX, monthly

 

Summary

The miners saw an early April high of $41.60, but cooled back to settle powerfully lower at $34.99. I would note the 10MA at $32.77, which was again settled above, as the m/t trend remains bullish. Monthly momentum has stalled just under the key zero threshold. Next target of the Aug'2020 high of $44.76 looks out of range in the near term, not least considering the main market.
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Three of the key miners...

Newmont (NEM), monthly

Newmont broke a new historic high of $86.37, but swung powerfully lower, with a net April decline of -$6.60 (8.3%) to $72.85. I would note the monthly 10MA at $61.85, which was again settled above. Monthly momentum is increasingly positive.
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Barrick Gold (GOLD), monthly

 

Barrick Gold printed $25.99, but cooled back to settle -$2.22 (9.0%) to $22.31. Momentum still turned positive. A push above the Aug'2020 high of $30.47 will likely require Gold  >$2100.
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First Majestic Silver (AG), monthly

 

First Majestic printed $14.59, but swung powerfully lower, seeing a net April decline of -$2.86 (21.7%) to $10.30. The April candle was bearish engulfing, and leans s/t bearish. The m/t broken main market sure isn't helping.

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Of the three, yours truly currently favours GOLD.  As at April'29,I hold GOLD and AG.

For more of the same...

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