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Are Precious Metals Confused with the Market Indicators?

PART:
1 2 3 4 5
Part 2
Are Precious Metals Confused with the Market Indicators? PART 2 OF 5

Here Are the Indicators for the Ups and Downs of Miners

Tumbling miners

The past week was full of ups and downs for mining shares as the Federal Reserve and tensions in North Korea pulled the gold sentiment to each side. The hawkish Fed comments caused a fall in precious metals and miners, while the unrest due to extended hydrogen bomb scares from Korea led to a rise in the haven bids for gold and silver.

In this part of the series, we’ll look at Coeur Mining (CDE), Hecla Mining (HL), Yamana Gold (AUY), and Harmony Gold (HMY). Among these four miners, CDE and AUY have risen a marginal 1.5% and 0.36%, respectively, on a YTD (year-to-date) basis, while Hecla Mining and Harmony Gold have YTD losses of 2.3% and 11.8%, respectively. The silver-based fund, the Global X Silver Miners ETF (SIL), has a YTD loss of 5.5%.

Here Are the Indicators for the Ups and Downs of Miners

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Miners’ technicals

Coeur Mining is trading above its 20-day and 100-day moving averages, while Hecla Mining is below both its 20-day and 100-day moving averages. Harmony and Yamana are trading above their 100-day and 20-day moving averages but below their 20-day moving averages.

A reasonable premium over a stock price indicates that a fall in price may be likely, while a considerable discount suggests that a stock may soon see an upward correction in price. 

All four of the above miners’ target prices are above their current trading prices. When a stock’s current price is above its target price, it indicates a negative outlook. A target price higher than the current price suggests a positive outlook.

The RSI (relative strength index) levels for CDE, HL, AUY, and HMY are 48.5, 31.9, 32.7, and 36.3, respectively. SIL’s RSI level is 36.6.

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