Gold Miners Go From Record Month to Washout in 21 Sessions

In the VanEck Gold Miners ETF (GDX), almost 92% of holdings were under their 50-day moving average, a short-term trend gauge. SentimenTrader recorded a fall from above 90% to 8% over 21 sessions in the proportion clearing that average, while about 90% were below their 200-day average. August had brought a 43% gain for the MSCI global gold miners index and about 13% for gold; gold was at $3,983.91, a 3.19% monthly decline, after falling below $4,000 on Friday for the first time since July. On Friday in Australia, Newmont, the world’s largest gold miner, lost 3.7% while the ASX mining sector shed 3.74%. Wednesday’s Federal Reserve meeting loomed as traders still priced a possible rate increase this year.