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What's Going On with the Precious Metals Market?

PART:
1 2 3 4 5
Part 2
What's Going On with the Precious Metals Market? PART 2 OF 5

A Look at the Technicals of Silver Miners

Silver miners

Precious metal mining companies witnessed an up day on Tuesday, October 3, 2017, despite the fall in precious metals. Usually, miners are influenced by the movements of precious metals. But that’s not always the case, as we saw on Tuesday.

In this part of the series, we’ll look at the moving averages of miners and their movements during the last month. We’ll look at silver-based miners First Majestic Silver (AG), Silver Wheaton (SLW), Pan American Silver (PAAS), and Hecla Mining (HL).

A Look at the Technicals of Silver Miners

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Due to the fall in precious metals, many miners end up with YTD (year-to-date) losses. AG and HL have YTD losses of 10.5% and 0.57%, respectively, while Silver Wheaton and Pan American Silver have YTD gains of 0.62% and 14.5%, respectively. The silver-based Global X Silver Miners ETF (SIL) has a YTD rise of 4.5%.

Technical details

All four silver miners, except Hecla Mining, are trading below their 20-day moving averages. AG and SLW are also trading below their 100-day moving averages, while PAAS and HL continue trading above their 100-day moving averages.

Moving averages are such that if miners are trading at a considerably higher premium over their short and long-term moving averages, they may soon see a downward revision in price. And if they trade at a good discount, the price may correct upward.

RSI levels for mining stocks have fallen considerably after the precious metal slump in the past month. However, there was a price recovery in the past week. RSI levels thus also rebounded. The RSI levels for AG, SLW, PAAS, and HL are 44.7, 37.7, 35.1, and 57.6, respectively.

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