What Does November Hold for the Miners?

As a new month begins, the downtrend in the GDX and GDXJ should resume. When will a new buying opportunity finally present itself?

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JPY: Bullish outlook despite intervention – BBH 29 January 2026

BBH's analysis suggests a bullish outlook for the JPY, regardless of potential intervention from the US. The report notes that USD/JPY is significantly overvalued relative to US-Japan rate differentials, and concerns over Japan's fiscal policy are considered overdone.

United States Goods Trade Balance dipped from previous $-59.1B to $-86.9B in November 29 January 2026

United States Goods Trade Balance dipped from previous $-59.1B to $-86.9B in November

United States Goods Trade Balance increased to $-27.9B in November from previous $-59.1B 29 January 2026

United States Goods Trade Balance increased to $-27.9B in November from previous $-59.1B

United States Unit Labor Costs in line with expectations (-1.9%) in 3Q 29 January 2026

United States Unit Labor Costs in line with expectations (-1.9%) in 3Q

United States Continuing Jobless Claims below expectations (1.86M) in January 16: Actual (1.827M) 29 January 2026

United States Continuing Jobless Claims below expectations (1.86M) in January 16: Actual (1.827M)

Canada International Merchandise Trade came in at $-2.2B, below expectations ($-0.7B) in November 29 January 2026

Canada International Merchandise Trade came in at $-2.2B, below expectations ($-0.7B) in November

Canada Exports: $63.94B (November) vs previous $65.61B 29 January 2026

Canada Exports: $63.94B (November) vs previous $65.61B

Canada Imports declined to $66.14B in November from previous $66.19B 29 January 2026

Canada Imports declined to $66.14B in November from previous $66.19B

United States Goods and Services Trade Balance came in at $-56.8B, below expectations ($-40.5B) in November 29 January 2026

United States Goods and Services Trade Balance came in at $-56.8B, below expectations ($-40.5B) in November

United States Initial Jobless Claims 4-week average increased to 206.25K in January 23 from previous 201.5K 29 January 2026

United States Initial Jobless Claims 4-week average increased to 206.25K in January 23 from previous 201.5K

United States Initial Jobless Claims above forecasts (205K) in January 23: Actual (209K) 29 January 2026

United States Initial Jobless Claims above forecasts (205K) in January 23: Actual (209K)

EUR/GBP flat as ECB monitors Euro strength, markets eye GDP data 29 January 2026

The Euro (EUR) holds firm against the British Pound (GBP) on Thursday, stabilising after coming under pressure in the previous session amid rising speculation that the European Central Bank (ECB) could cut interest rates later this year.

Brent: Oil prices rise amid geopolitical tensions – BNY 29 January 2026

Brent crude has surpassed $70 per barrel for the first time since September, driven by rising tensions with Iran and broader geopolitical risks.

EUR/USD wavers in range ahead of US employment, factory data 29 January 2026

The EUR/USD is trading at 1.1965 at the time of writing, down from session highs in the area of 1.200 ahead of the European session opening, but above Tuesday's lows near 1.1900.

South Africa SARB Interest Rate Decision remains unchanged at 6.75% 29 January 2026

South Africa SARB Interest Rate Decision remains unchanged at 6.75%

Russia Central Bank Reserves $: $786.9B vs $769.1B 29 January 2026

Russia Central Bank Reserves $: $786.9B vs $769.1B

Eurozone: Economic sentiment indicator rises – ING 29 January 2026

The European Commission's economic sentiment indicator rose in January, indicating positive growth prospects for the Eurozone. Inflation expectations have eased but remain above long-term averages.

Nasdaq 100 futures hover near 26,173 pivot as value drifts lower 29 January 2026

MNQ rotates down from 26,270 as 26,173 decides balance vs a pull toward 26,138 and 26,082–26,061.

Gold Price Forecast: XAU/USD consolidates near the $5,600 record high 29 January 2026

Another day, another all-time high for Gold (XAU/USD), which has been breaking records for nine consecutive days, showing a dizzying 20% rally in less than two weeks. The pair remains bid on Thursday, as the US Dollar seems unable to perform any significant recovery.

USD: FOMC holds but Dollar fails to strengthen – MUFG 29 January 2026

The US Dollar has not been able to strengthen further following the FOMC meeting, where the fed funds rate was kept unchanged. The meeting highlighted a change in the labor market description, indicating signs of stabilization.

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What Does November Hold for the Miners?

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