How Precious Metals Performed at End of July
Miners and metals
Most mining stocks have risen over the past two weeks with rising precious metals prices. However, on Thursday, July 27, most miners moved in the opposite direction as metals and saw a down day.
Interested in GFI? Don't miss the next report.
Receive e-mail alerts for new research on GFI
Royal Gold, Sibanye, and Gold Fields have YTD gains of 35.2%, 3.7%, and 27.9%, respectively. Goldcorp has a YTD loss of 5.8%. The mining-based iShares MSCI Global Gold Min (RING) is trading with a YTD rise of 6.4%.
Technicals of mining stocks
All four of the miners mentioned above are trading at premiums to their 20-day moving averages except Goldcorp (GG), which is trading at a discount to its 20-day moving average. However, RGLD and GFI are trading above their 100-day moving average, while SBGL and GG are below their 100-day moving averages.
A considerably high premium over a stock’s price indicates a possible fall in price, and a considerable discount to a stock’s price suggests a probable rise in price.
These miners’ target prices are higher than their current trading prices, except for GFI. When the target price is lower than the current trading price, it indicates a negative outlook. On the other hand, a target price above the current price indicates a positive outlook.
The RSI levels of these miners have also recovered. The RING ETF has an RSI of approximately 72.