How Did Mining Stocks Perform on October 27?
Mining stocks’ performance
All of the precious metals except gold fell on Friday, October 27. In this series, we’ll look at some technical details of mining stocks such as moving averages and YTD (year-to-date) three-month returns. We’ll compare the performances of Yamana Gold (AUY), Barrick Gold (ABX), Cia De Minas Buenaventura (BVN), and AngloGold Ashanti (AU).
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Among the four miners that we are discussing, only Cia De Minas has a YTD gain at 24.1%. AUY, ABX, and AU have YTD losses of 9.3%, 8.1%, and 10.2%, respectively. The VanEck Vectors Junior Gold Miners Fund (GDXJ) has a marginal YTD gain of 1.7% as of October 27.
All the four miners except Cia de Minas are trading below their 20-day as well as 100-day moving averages. A significant discount below the 20-day and 100-day moving averages suggest a possible revival in price, while a premium suggests a probable fall. The target prices of these four miners continue to be higher than their current trading prices, which suggests a possible rise in price.
AUY, ABX, BVN, and AU have RSI levels of 39.3, 14.2, 53.3, and 43.6, respectively. An RSI level below 30 indicates a potential upward movement in price, while an RSI above 70 indicates a possible downturn in price. The RSI level of GDXJ was 18.3. These low RSI numbers indicate prices could revise upwards.