This is a short term chart comparing MUX & GDX going back to 10/16/25 and you are correct, MUX is struggling.
I remember when the metals moved sharply higher on 10/16 and sold off heavily at the close, while printing red bars and huge tails to the upside. I also remember MUX releasing a terrible 3Q earnings report on 11/6. Insiders started selling MUX earlier in the week. In the chart below you can see MUX separating from GDX, (black square box), which is where GDX moved higher as MUX dropped lower, the 6th is the large red bar with a long tail to the right of the square. It still trying to recover.
This chart goes back to 10/1/25, almost 2 months. IAG leads the pack, with KGC in second place, while MUX, EXK and GDX are nearly on top of each other and we can see that MUX failed to close above the $17.91 pivot today. MUX can move much higher if it can close above the high in the black circle, ...($18.60.)
This 6 month chart has MUX in 3rd place.
This chart is from 9/2/25, it's from the huge gap-up that never filled. I included the GDXJ, which mimics the GDX and MUX looks like its starting to build a floor, or at best, make higher highs and higher lows again.
The down gap in the black box could be its next target if MUX can close above the blue arrow at $18.60, there are no pivots left open above it.
MUX has lost ground, the 3Q earnings was bad news to say the least, it was third from the top on the 52-week change% a while back, its now in 7th place and its the only million dollar cap miner on the list, I think its doing just fine right now.
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